Biohaven’s (BHVN) “Buy” Rating Reiterated at HC Wainwright

Biohaven (NYSE:BHVN)‘s stock had its “buy” rating restated by analysts at HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $59.00 target price on the stock. HC Wainwright’s target price suggests a potential upside of 30.50% from the stock’s previous close.

A number of other analysts have also issued reports on BHVN. TD Cowen raised their target price on Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. JPMorgan Chase & Co. upped their target price on shares of Biohaven from $55.00 to $68.00 and gave the company an “overweight” rating in a research note on Thursday, October 3rd. Robert W. Baird increased their price objective on Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Biohaven in a research note on Wednesday, October 23rd. Finally, Sanford C. Bernstein lifted their price target on Biohaven from $55.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Biohaven currently has an average rating of “Buy” and a consensus price target of $62.75.

Biohaven Price Performance

Shares of Biohaven stock opened at $45.21 on Tuesday. The firm has a market cap of $4.57 billion, a price-to-earnings ratio of -4.84 and a beta of 1.31. The stock has a 50-day simple moving average of $49.10 and a 200-day simple moving average of $41.10. Biohaven has a 52-week low of $26.80 and a 52-week high of $62.21.

Biohaven (NYSE:BHVN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.67) by ($0.03). As a group, equities research analysts predict that Biohaven will post -8.85 earnings per share for the current year.

Insider Activity

In other news, Director John W. Childs purchased 21,052 shares of the business’s stock in a transaction dated Wednesday, October 2nd. The shares were bought at an average cost of $47.50 per share, for a total transaction of $999,970.00. Following the completion of the acquisition, the director now directly owns 21,052 shares in the company, valued at approximately $999,970. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory Bailey bought 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The stock was purchased at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the transaction, the director now owns 1,620,071 shares in the company, valued at $71,590,937.49. The trade was a 0.31 % increase in their position. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. nVerses Capital LLC acquired a new stake in shares of Biohaven in the third quarter valued at approximately $50,000. Redwood Wealth Management Group LLC bought a new position in Biohaven during the second quarter worth $61,000. Values First Advisors Inc. acquired a new position in shares of Biohaven in the third quarter valued at $78,000. US Bancorp DE raised its position in shares of Biohaven by 57.1% in the third quarter. US Bancorp DE now owns 2,173 shares of the company’s stock valued at $109,000 after purchasing an additional 790 shares during the period. Finally, KBC Group NV lifted its stake in shares of Biohaven by 24.5% during the 3rd quarter. KBC Group NV now owns 2,250 shares of the company’s stock worth $112,000 after buying an additional 443 shares during the last quarter. Institutional investors and hedge funds own 88.78% of the company’s stock.

About Biohaven

Biohaven Ltd., together with its subsidiaries, focuses on discovering, developing, and commercializing therapies for immunology, neuroscience, and oncology worldwide. The company's pipeline products include Troriluzole, which is in Phase 3 clinical trial for the treatment of neurological and neuropsychiatric illnesses; BHV-5500 that blocks glutamate signaling mediated by post-synaptic NMDA receptors; Taldefgrobep Alfa, which is in Phase 3 clinical trial for the treatment of spinal muscular atrophy and obesity; BHV-7000, a candidate in Phase 2/3 clinical trials for the treatment of focal and generalized epilepsy, bipolar disorder, and major depressive disorder; BHV-2100 that is in Phase 1 clinical trials for the treatment of migraines and neuropathic pain; and BHV-8000, a product candidate in Phase 1 clinical trials for the treatment of early Alzheimer's and Parkinson's disease, sclerosis, and amyloid-related imaging abnormalities.