Royal Bank of Canada Reaffirms “Outperform” Rating for Biohaven (NYSE:BHVN)

Biohaven (NYSE:BHVN)‘s stock had its “outperform” rating reiterated by analysts at Royal Bank of Canada in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $61.00 target price on the stock, up from their previous target price of $58.00. Royal Bank of Canada’s target price would suggest a potential upside of 40.42% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. William Blair raised shares of Biohaven to a “strong-buy” rating in a research report on Friday, August 30th. Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a research note on Wednesday, October 23rd. HC Wainwright restated a “buy” rating and set a $59.00 price objective on shares of Biohaven in a report on Tuesday, November 26th. JPMorgan Chase & Co. increased their target price on Biohaven from $55.00 to $68.00 and gave the company an “overweight” rating in a research note on Thursday, October 3rd. Finally, Robert W. Baird raised their price target on shares of Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Biohaven currently has a consensus rating of “Buy” and an average target price of $63.00.

Biohaven Stock Performance

Shares of NYSE:BHVN opened at $43.44 on Wednesday. The business’s 50-day simple moving average is $49.50 and its 200 day simple moving average is $41.56. The company has a market cap of $4.39 billion, a P/E ratio of -4.65 and a beta of 1.24. Biohaven has a one year low of $26.80 and a one year high of $62.21.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). Analysts predict that Biohaven will post -8.85 earnings per share for the current year.

Insider Activity

In related news, Director John W. Childs acquired 21,052 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was purchased at an average cost of $47.50 per share, for a total transaction of $999,970.00. Following the purchase, the director now directly owns 21,052 shares in the company, valued at $999,970. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gregory Bailey bought 5,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was bought at an average price of $44.19 per share, for a total transaction of $220,950.00. Following the completion of the purchase, the director now directly owns 1,620,071 shares of the company’s stock, 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. Company insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

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

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.