JPMorgan Chase & Co. Raises Biohaven (NYSE:BHVN) Price Target to $32.00

Biohaven (NYSE:BHVN) had its price objective lifted by research analysts at JPMorgan Chase & Co. from $26.00 to $32.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 2.30% from the company’s current price.

Separately, Piper Sandler increased their price objective on shares of Biohaven from $29.00 to $36.00 and gave the company an “overweight” rating in a research report on Wednesday, November 15th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Biohaven has an average rating of “Buy” and a consensus target price of $29.17.

Biohaven Price Performance

Biohaven stock traded up $1.19 during midday trading on Monday, reaching $31.28. The company’s stock had a trading volume of 383,741 shares, compared to its average volume of 1,047,911. The stock has a market capitalization of $2.51 billion, a P/E ratio of -4.36 and a beta of 0.97. The stock’s 50-day simple moving average is $25.10 and its 200-day simple moving average is $21.99. Biohaven has a 52-week low of $12.35 and a 52-week high of $31.59.

Insider Activity

In other Biohaven news, CEO Vlad Coric purchased 113,637 shares of the business’s stock in a transaction that occurred on Thursday, October 5th. The shares were bought at an average price of $22.00 per share, for a total transaction of $2,500,014.00. Following the acquisition, the chief executive officer now owns 1,657,031 shares in the company, valued at $36,454,682. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Vlad Coric purchased 113,637 shares of the business’s stock in a transaction on Thursday, October 5th. The shares were bought at an average cost of $22.00 per share, with a total value of $2,500,014.00. Following the transaction, the chief executive officer now owns 1,657,031 shares of the company’s stock, valued at $36,454,682. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John W. Childs bought 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The shares were bought at an average cost of $18.44 per share, for a total transaction of $922,000.00. Following the completion of the acquisition, the director now owns 1,975,118 shares of the company’s stock, valued at $36,421,175.92. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 204,181 shares of company stock valued at $4,324,138. Company insiders own 12.40% of the company’s stock.

Institutional Trading of Biohaven

A number of institutional investors and hedge funds have recently modified their holdings of the stock. US Bancorp DE raised its stake in Biohaven by 19.1% in the 1st quarter. US Bancorp DE now owns 586 shares of the company’s stock valued at $70,000 after purchasing an additional 94 shares during the last quarter. Creative Planning raised its position in shares of Biohaven by 3.5% in the third quarter. Creative Planning now owns 11,541 shares of the company’s stock valued at $300,000 after buying an additional 395 shares during the last quarter. Canton Hathaway LLC lifted its stake in shares of Biohaven by 2.3% in the third quarter. Canton Hathaway LLC now owns 21,850 shares of the company’s stock worth $568,000 after buying an additional 500 shares in the last quarter. Teacher Retirement System of Texas boosted its position in Biohaven by 4.7% during the third quarter. Teacher Retirement System of Texas now owns 16,486 shares of the company’s stock worth $429,000 after acquiring an additional 746 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in Biohaven by 25.2% during the first quarter. Prudential Financial Inc. now owns 5,580 shares of the company’s stock worth $662,000 after acquiring an additional 1,122 shares during the last quarter. Hedge funds and other institutional investors own 89.60% of the company’s stock.

Biohaven Company Profile

Biohaven Ltd., a clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing therapies for patients with debilitating neurological and neuropsychiatric diseases in the United States. The company's pipeline products include BHV-7000, a potassium channel activator for the treatment of focal epilepsy; BHV-7010, a Kv7 channel modulator for the treatment of different neurological diseases; Troriluzole, a tripeptide prodrug that is in Phase 3 clinical trial for the treatment of neurological and neuropsychiatric illnesses; BHV-5500, a low-trapping glutamate N-methyl-D-aspartate receptor antagonist for neuropathic pain; and Verdiperstat, an oral myeloperoxidase inhibitor, which is in Phase 3 clinical trial for the treatment of neurodegenerative diseases.