Cantor Fitzgerald Reiterates Overweight Rating for Biohaven (NYSE:BHVN)

Cantor Fitzgerald reiterated their overweight rating on shares of Biohaven (NYSE:BHVN) in a report published on Thursday, Benzinga reports.

Several other analysts also recently commented on the stock. JPMorgan Chase & Co. raised their target price on shares of Biohaven from $32.00 to $56.00 and gave the stock an overweight rating in a report on Friday, February 23rd. TD Cowen raised their target price on shares of Biohaven from $35.00 to $55.00 and gave the stock an outperform rating in a report on Friday, March 1st. HC Wainwright dropped their target price on shares of Biohaven from $63.00 to $59.00 and set a buy rating on the stock in a report on Monday, May 13th. Royal Bank of Canada reiterated an outperform rating and issued a $61.00 price objective on shares of Biohaven in a report on Tuesday, April 9th. Finally, UBS Group lifted their price objective on shares of Biohaven from $59.00 to $60.00 and gave the company a buy rating in a report on Tuesday, April 23rd. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Biohaven currently has a consensus rating of Buy and an average target price of $51.63.

Biohaven Price Performance

Shares of NYSE:BHVN opened at $35.10 on Thursday. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of -5.14 and a beta of 1.26. The firm’s 50 day simple moving average is $43.17 and its 200 day simple moving average is $43.81. Biohaven has a fifty-two week low of $15.56 and a fifty-two week high of $62.21.

Biohaven (NYSE:BHVN) last announced its earnings results on Thursday, May 9th. The company reported ($2.20) EPS for the quarter, missing the consensus estimate of ($1.50) by ($0.70). Equities research analysts expect that Biohaven will post -7.16 earnings per share for the current year.

Insider Activity at Biohaven

In other news, CEO Vlad Coric bought 121,951 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was acquired at an average cost of $41.00 per share, with a total value of $4,999,991.00. Following the completion of the purchase, the chief executive officer now owns 1,788,417 shares of the company’s stock, valued at $73,325,097. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Gregory Bailey acquired 25,503 shares of Biohaven stock in a transaction on Wednesday, April 24th. The stock was purchased at an average cost of $39.18 per share, with a total value of $999,207.54. Following the completion of the transaction, the director now directly owns 1,600,071 shares in the company, valued at approximately $62,690,781.78. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Vlad Coric acquired 121,951 shares of Biohaven stock in a transaction on Monday, April 22nd. The shares were bought at an average cost of $41.00 per share, with a total value of $4,999,991.00. Following the completion of the transaction, the chief executive officer now owns 1,788,417 shares of the company’s stock, valued at $73,325,097. The disclosure for this purchase can be found here. Over the last three months, insiders bought 252,734 shares of company stock valued at $9,997,764. 16.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Biohaven

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Biohaven by 280.5% during the first quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock worth $345,031,000 after purchasing an additional 4,650,702 shares during the period. Stifel Financial Corp boosted its position in Biohaven by 7.9% during the fourth quarter. Stifel Financial Corp now owns 6,225,811 shares of the company’s stock worth $266,465,000 after purchasing an additional 456,062 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Biohaven by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,347,022 shares of the company’s stock worth $183,050,000 after purchasing an additional 212,699 shares during the period. Point72 Asset Management L.P. boosted its position in Biohaven by 142.2% during the fourth quarter. Point72 Asset Management L.P. now owns 2,483,567 shares of the company’s stock worth $106,297,000 after purchasing an additional 1,458,072 shares during the period. Finally, Armistice Capital LLC boosted its position in Biohaven by 13.1% during the third quarter. Armistice Capital LLC now owns 2,036,000 shares of the company’s stock worth $52,956,000 after purchasing an additional 236,000 shares during the period. 88.78% of the stock is owned by institutional investors.

Biohaven Company Profile

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.