HC Wainwright Reaffirms “Buy” Rating for Biohaven (NYSE:BHVN)

Biohaven (NYSE:BHVN)‘s stock had its “buy” rating reissued by equities research analysts at HC Wainwright in a research report issued on Thursday,Benzinga reports. They currently have a $59.00 price target on the stock. HC Wainwright’s price target suggests a potential upside of 32.97% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Robert W. Baird lifted their price target on shares of Biohaven from $58.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. JPMorgan Chase & Co. lifted 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. TD Cowen increased their price target on shares of Biohaven from $55.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler lifted their price objective on Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Finally, Bank of America increased their target price on Biohaven from $52.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $63.42.

Biohaven Stock Down 8.8 %

Shares of NYSE:BHVN opened at $44.37 on Thursday. The company’s fifty day moving average is $48.16 and its 200 day moving average is $40.91. Biohaven has a 52 week low of $26.80 and a 52 week high of $62.21. The stock has a market cap of $4.49 billion, a PE ratio of -4.75 and a beta of 1.31.

Biohaven (NYSE:BHVN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). Sell-side analysts anticipate that Biohaven will post -8.81 EPS for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Biohaven

Several large investors have recently bought and sold shares of BHVN. Barclays PLC raised its holdings in shares of Biohaven by 87.6% during the third quarter. Barclays PLC now owns 268,077 shares of the company’s stock valued at $13,396,000 after purchasing an additional 125,189 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Biohaven during the 3rd quarter valued at about $1,339,000. XTX Topco Ltd increased its holdings in Biohaven by 278.5% during the third quarter. XTX Topco Ltd now owns 32,510 shares of the company’s stock valued at $1,625,000 after buying an additional 23,921 shares during the last quarter. Wellington Management Group LLP raised its position in Biohaven by 600.9% in the third quarter. Wellington Management Group LLP now owns 243,167 shares of the company’s stock worth $12,151,000 after acquiring an additional 208,472 shares during the period. Finally, Sphera Funds Management LTD. purchased a new position in shares of Biohaven during the 3rd quarter worth $6,662,000. 88.78% of the stock is currently owned by institutional investors.

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.