Biohaven (NYSE:BHVN) Stock Rating Lowered by Royal Bank of Canada

Biohaven (NYSE:BHVN) was downgraded by equities researchers at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research note issued to investors on Monday,Finviz reports. They presently have a $21.00 price target on the stock. Royal Bank of Canada’s price objective would indicate a potential upside of 30.68% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. Cantor Fitzgerald raised Biohaven to a “strong-buy” rating in a report on Tuesday, May 13th. Deutsche Bank Aktiengesellschaft set a $60.00 target price on Biohaven and gave the stock a “buy” rating in a report on Thursday, March 20th. William Blair raised Biohaven to a “strong-buy” rating in a report on Thursday, April 24th. Morgan Stanley dropped their target price on Biohaven from $69.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, March 7th. Finally, HC Wainwright reissued a “buy” rating and set a $54.00 target price on shares of Biohaven in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Biohaven has a consensus rating of “Buy” and an average price target of $59.46.

Biohaven Stock Up 1.6%

Shares of BHVN stock opened at $16.07 on Monday. The business has a 50 day moving average of $22.31 and a two-hundred day moving average of $34.09. Biohaven has a 52 week low of $14.69 and a 52 week high of $55.70. The company has a market cap of $1.64 billion, a P/E ratio of -1.72 and a beta of 1.18.

Biohaven (NYSE:BHVN) last issued its quarterly earnings data on Monday, May 12th. The company reported ($2.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.67) by ($0.50). Analysts expect that Biohaven will post -8.9 EPS for the current fiscal year.

Insider Activity

In other news, Director John W. Childs acquired 32,700 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was bought at an average price of $30.47 per share, with a total value of $996,369.00. Following the completion of the acquisition, the director now owns 2,320,571 shares in the company, valued at approximately $70,707,798.37. This represents a 1.43% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. 16.00% of the stock is owned by company insiders.

Institutional Trading of Biohaven

Hedge funds have recently modified their holdings of the company. SVB Wealth LLC bought a new stake in shares of Biohaven during the first quarter valued at approximately $25,000. Parallel Advisors LLC grew its stake in shares of Biohaven by 319.8% during the first quarter. Parallel Advisors LLC now owns 1,360 shares of the company’s stock valued at $33,000 after purchasing an additional 1,036 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Biohaven by 53.7% during the first quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company’s stock valued at $43,000 after purchasing an additional 623 shares during the last quarter. Spire Wealth Management bought a new stake in shares of Biohaven during the fourth quarter valued at approximately $56,000. Finally, IFP Advisors Inc grew its stake in shares of Biohaven by 84,800.0% during the first quarter. IFP Advisors Inc now owns 2,547 shares of the company’s stock valued at $61,000 after purchasing an additional 2,544 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.