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

Biohaven (NYSE:BHVN) had its target price reduced by stock analysts at Royal Bank Of Canada from $19.00 to $9.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s target price would indicate a potential upside of 5.63% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Morgan Stanley restated an “overweight” rating on shares of Biohaven in a research report on Wednesday. Cowen reaffirmed a “buy” rating on shares of Biohaven in a research note on Wednesday. TD Cowen cut their price objective on shares of Biohaven from $50.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday. Bank of America downgraded shares of Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a research report on Wednesday. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Biohaven in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $34.21.

Biohaven Stock Up 2.2%

Biohaven stock traded up $0.18 during mid-day trading on Thursday, hitting $8.52. The company had a trading volume of 3,013,766 shares, compared to its average volume of 2,013,829. The stock has a market cap of $901.34 million, a price-to-earnings ratio of -1.11 and a beta of 1.10. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 1.91. Biohaven has a 1 year low of $7.80 and a 1 year high of $54.68. The business has a fifty day moving average of $15.42 and a 200 day moving average of $15.83.

Biohaven (NYSE:BHVN) last released its quarterly earnings data on Monday, August 11th. The company reported ($1.94) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.94). On average, sell-side analysts expect that Biohaven will post -8.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biohaven

Hedge funds and other institutional investors have recently modified their holdings of the stock. SVB Wealth LLC purchased a new stake in shares of Biohaven in the 1st quarter valued at approximately $25,000. PNC Financial Services Group Inc. boosted its stake in shares of Biohaven by 53.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company’s stock valued at $43,000 after buying an additional 623 shares during the period. PFS Partners LLC purchased a new position in shares of Biohaven during the 3rd quarter valued at $60,000. IFP Advisors Inc boosted its position in 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. Finally, Elkhorn Partners Limited Partnership increased its position in Biohaven by 26.1% in the 2nd quarter. Elkhorn Partners Limited Partnership now owns 5,800 shares of the company’s stock worth $82,000 after purchasing an additional 1,200 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.