Royal Bank of Canada Has Lowered Expectations for Biohaven (NYSE:BHVN) Stock Price

Biohaven (NYSE:BHVN) had its price target reduced by research analysts at Royal Bank of Canada from $66.00 to $58.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 22.60% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. TD Cowen boosted their target price on shares of Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Piper Sandler boosted their target price on shares of Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. JPMorgan Chase & Co. boosted their target price on shares of Biohaven from $55.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, October 3rd. HC Wainwright restated a “buy” rating and issued a $59.00 target price on shares of Biohaven in a report on Thursday, November 14th. Finally, Bank of America boosted their target price on shares of Biohaven from $52.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $62.75.

Biohaven Price Performance

Shares of NYSE BHVN opened at $47.31 on Monday. The company has a market cap of $4.78 billion, a PE ratio of -4.94 and a beta of 1.31. Biohaven has a 12 month low of $26.80 and a 12 month high of $62.21. The company has a 50-day simple moving average of $49.23 and a 200-day simple moving average of $41.13.

Biohaven (NYSE:BHVN) last released its earnings results 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). On average, analysts anticipate that Biohaven will post -8.85 EPS for the current year.

Insider Activity

In related news, Director John W. Childs purchased 21,052 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director now owns 21,052 shares of the company’s stock, valued at $999,970. This represents a ∞ increase in their ownership of the stock. The acquisition 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 business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was bought 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 directly owns 1,620,071 shares of the company’s stock, valued at $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. Insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Biohaven by 280.5% during the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock valued at $345,031,000 after acquiring an additional 4,650,702 shares in the last quarter. Oak Ridge Investments LLC raised its holdings in shares of Biohaven by 197.6% during the second quarter. Oak Ridge Investments LLC now owns 22,000 shares of the company’s stock worth $764,000 after purchasing an additional 14,607 shares during the period. CWM LLC lifted its position in shares of Biohaven by 1,893.4% in the 2nd quarter. CWM LLC now owns 14,552 shares of the company’s stock worth $505,000 after buying an additional 13,822 shares during the last quarter. SpiderRock Advisors LLC acquired a new position in shares of Biohaven in the 3rd quarter valued at about $620,000. Finally, Principal Financial Group Inc. grew its position in shares of Biohaven by 234.5% during the 2nd quarter. Principal Financial Group Inc. now owns 79,048 shares of the company’s stock valued at $2,744,000 after buying an additional 55,415 shares during the last quarter. Institutional investors 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.