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

Biohaven (NYSE:BHVN)‘s stock had its “outperform” rating restated by stock analysts at Royal Bank of Canada in a note issued to investors on Tuesday, Benzinga reports. They presently have a $61.00 price target on the stock. Royal Bank of Canada’s target price suggests a potential upside of 19.35% from the stock’s current price.

A number of other analysts have also recently weighed in on BHVN. TD Cowen upped their price target on Biohaven from $35.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. upped their price target on Biohaven from $32.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. HC Wainwright increased their target price on Biohaven from $50.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, March 4th. Finally, UBS Group began coverage on Biohaven in a report on Tuesday, February 6th. They set a “buy” rating and a $59.00 target price on the stock. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $52.00.

Biohaven Trading Down 1.7 %

BHVN opened at $51.11 on Tuesday. The stock has a market cap of $4.17 billion, a PE ratio of -9.03 and a beta of 1.18. Biohaven has a 1 year low of $12.35 and a 1 year high of $62.21. The stock’s 50 day simple moving average is $51.97 and its 200-day simple moving average is $40.33.

Biohaven (NYSE:BHVN) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($1.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.40). Equities analysts forecast that Biohaven will post -5.85 earnings per share for the current fiscal year.

Institutional Trading of Biohaven

Several large investors have recently made changes to their positions in the business. Point72 Asset Management L.P. lifted its stake in shares of Biohaven by 142.2% during the fourth quarter. Point72 Asset Management L.P. now owns 2,483,567 shares of the company’s stock valued at $106,297,000 after acquiring an additional 1,458,072 shares during the period. Bellevue Group AG acquired a new position in shares of Biohaven during the fourth quarter valued at $46,010,000. Perceptive Advisors LLC lifted its stake in shares of Biohaven by 129.4% during the fourth quarter. Perceptive Advisors LLC now owns 1,725,047 shares of the company’s stock valued at $73,832,000 after acquiring an additional 973,227 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Biohaven by 269.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,316,204 shares of the company’s stock valued at $18,269,000 after acquiring an additional 959,947 shares during the period. Finally, Norges Bank acquired a new position in shares of Biohaven during the fourth quarter valued at $9,200,000. 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.