BTIG Research Issues Positive Forecast for Biohaven (NYSE:BHVN) Stock Price

Biohaven (NYSE:BHVN) had its price target raised by BTIG Research from $59.00 to $60.00 in a research report sent to investors on Tuesday,Benzinga reports. BTIG Research currently has a buy rating on the stock.

Several other research analysts have also recently issued reports on the company. Robert W. Baird dropped their target price on Biohaven from $57.00 to $52.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 12th. Cantor Fitzgerald upgraded Biohaven to a “strong-buy” rating in a research note on Tuesday, May 13th. JPMorgan Chase & Co. dropped their target price on Biohaven from $68.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, June 18th. Royal Bank Of Canada downgraded Biohaven from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $54.00 to $21.00 in a research report on Monday, May 19th. Finally, Leerink Partners reduced their target price on Biohaven from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $54.23.

Biohaven Trading Down 5.3%

Shares of BHVN opened at $15.16 on Tuesday. The business has a 50-day moving average of $14.45 and a 200 day moving average of $21.51. Biohaven has a fifty-two week low of $12.79 and a fifty-two week high of $55.70. The firm has a market cap of $1.60 billion, a P/E ratio of -1.98 and a beta of 0.98. The company has a debt-to-equity ratio of 1.91, a quick ratio of 3.82 and a current ratio of 3.82.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, August 11th. The company reported ($1.94) EPS for the quarter, hitting the consensus estimate of ($1.94). As a group, research analysts forecast that Biohaven will post -8.9 EPS for the current year.

Hedge Funds Weigh In On Biohaven

A number of hedge funds have recently bought and sold shares of BHVN. Norges Bank acquired a new position in Biohaven in the second quarter worth about $12,735,000. Millennium Management LLC grew its position in Biohaven by 1,172.9% during the 1st quarter. Millennium Management LLC now owns 901,258 shares of the company’s stock worth $21,666,000 after purchasing an additional 830,457 shares in the last quarter. Farallon Capital Management LLC grew its holdings in shares of Biohaven by 21.6% during the 4th quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company’s stock valued at $165,392,000 after acquiring an additional 785,578 shares in the last quarter. Bellevue Group AG boosted its holdings in Biohaven by 37.3% in the second quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock worth $39,548,000 after purchasing an additional 762,000 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in Biohaven by 12.1% during the 4th quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company’s stock worth $260,735,000 after acquiring an additional 756,032 shares during the last quarter. 88.78% of the stock is currently owned by institutional investors and hedge funds.

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.