Biohaven (NYSE:BHVN) Given New $26.00 Price Target at Morgan Stanley

Biohaven (NYSE:BHVN) had its price target lowered by Morgan Stanley from $54.00 to $26.00 in a research report sent to investors on Tuesday,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Other equities analysts also recently issued reports about the stock. HC Wainwright restated a “buy” rating and set a $30.00 target price (down from $54.00) on shares of Biohaven in a report on Tuesday, August 12th. Sanford C. Bernstein reissued a “market perform” rating and set a $9.00 price objective (down from $34.00) on shares of Biohaven in a research note on Thursday, November 6th. Citigroup reduced their target price on Biohaven from $28.00 to $14.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. Royal Bank Of Canada dropped their price target on Biohaven from $19.00 to $9.00 and set a “sector perform” rating for the company in a research report on Thursday, November 6th. Finally, Bank of America downgraded Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research report on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $31.21.

Biohaven Price Performance

Shares of NYSE:BHVN opened at $9.43 on Tuesday. The firm has a market capitalization of $998.47 million, a price-to-earnings ratio of -1.24 and a beta of 1.10. The company has a debt-to-equity ratio of 1.91, a current ratio of 2.86 and a quick ratio of 2.86. The business’s 50 day simple moving average is $14.13 and its 200-day simple moving average is $14.94. Biohaven has a 12 month low of $7.48 and a 12 month high of $47.75.

Biohaven (NYSE:BHVN) last posted its earnings results on Monday, November 10th. The company reported ($1.64) EPS for the quarter, topping analysts’ consensus estimates of ($1.91) by $0.27. As a group, equities analysts forecast that Biohaven will post -8.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Vlad Coric bought 666,666 shares of the stock in a transaction that occurred on Thursday, November 13th. The stock was purchased at an average cost of $7.50 per share, for a total transaction of $4,999,995.00. Following the completion of the acquisition, the chief executive officer owned 1,195,275 shares in the company, valued at $8,964,562.50. This trade represents a 126.12% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John W. Childs purchased 3,333,333 shares of the business’s stock in a transaction on Thursday, November 13th. The shares were bought at an average cost of $7.50 per share, for a total transaction of $24,999,997.50. Following the purchase, the director owned 5,653,904 shares of the company’s stock, valued at $42,404,280. This trade represents a 143.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought a total of 4,416,999 shares of company stock valued at $33,144,833 in the last quarter. Corporate insiders own 14.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bellevue Group AG increased its stake in Biohaven by 37.3% during the second quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock worth $39,548,000 after acquiring an additional 762,000 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Biohaven by 31.2% in the second quarter. JPMorgan Chase & Co. now owns 2,572,042 shares of the company’s stock valued at $36,292,000 after buying an additional 612,209 shares during the period. Armistice Capital LLC lifted its position in Biohaven by 27.6% during the second quarter. Armistice Capital LLC now owns 2,136,000 shares of the company’s stock valued at $30,139,000 after buying an additional 462,578 shares in the last quarter. Geode Capital Management LLC grew its stake in Biohaven by 3.7% during 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, Holocene Advisors LP increased its position in shares of Biohaven by 19.1% in the second quarter. Holocene Advisors LP now owns 1,495,641 shares of the company’s stock worth $21,103,000 after acquiring an additional 239,889 shares in the last quarter. Institutional investors and hedge funds 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.