Biohaven Ltd. (NYSE:BHVN) Receives Average Rating of “Buy” from Brokerages

Biohaven Ltd. (NYSE:BHVN) has received a consensus recommendation of “Buy” from the fifteen research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation, twelve have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $58.4615.

BHVN has been the subject of several analyst reports. William Blair upgraded Biohaven to a “strong-buy” rating in a research note on Thursday, April 24th. Robert W. Baird dropped their target price on Biohaven from $60.00 to $57.00 and set an “outperform” rating for the company in a research note on Monday, April 28th. JPMorgan Chase & Co. dropped their target price on Biohaven from $68.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, June 18th. Royal Bank Of Canada lowered Biohaven from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $54.00 to $21.00 in a research note on Monday, May 19th. Finally, Cantor Fitzgerald upgraded Biohaven to a “strong-buy” rating in a research note on Tuesday, May 13th.

Institutional Investors Weigh In On Biohaven

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Intech Investment Management LLC boosted its position in shares of Biohaven by 4.5% in the second quarter. Intech Investment Management LLC now owns 64,382 shares of the company’s stock worth $908,000 after buying an additional 2,784 shares during the period. Candriam S.C.A. boosted its position in shares of Biohaven by 36.7% in the second quarter. Candriam S.C.A. now owns 129,243 shares of the company’s stock worth $1,824,000 after buying an additional 34,664 shares during the period. Police & Firemen s Retirement System of New Jersey boosted its position in shares of Biohaven by 10.7% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 21,016 shares of the company’s stock worth $297,000 after buying an additional 2,030 shares during the period. Geode Capital Management LLC boosted its position in shares of Biohaven by 3.7% in the second quarter. Geode Capital Management LLC now owns 2,030,919 shares of the company’s stock worth $28,660,000 after buying an additional 71,939 shares during the period. Finally, Quinn Opportunity Partners LLC purchased a new stake in shares of Biohaven in the second quarter worth about $423,000. 88.78% of the stock is currently owned by institutional investors and hedge funds.

Biohaven Trading Down 3.3%

Shares of BHVN stock opened at $14.72 on Friday. The firm has a 50-day moving average price of $14.69 and a 200 day moving average price of $22.82. Biohaven has a twelve month low of $12.79 and a twelve month high of $55.70. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of -1.57 and a beta of 0.98.

Biohaven (NYSE:BHVN) last announced its earnings results on Monday, May 12th. The company reported ($2.17) earnings per share for the quarter, missing the consensus estimate of ($1.67) by ($0.50). As a group, research analysts predict that Biohaven will post -8.9 earnings per share for the current year.

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.