Biohaven (NYSE:BHVN) Earns Outperform Rating from Royal Bank of Canada

Biohaven (NYSE:BHVN - Get Free Report)'s stock had its "outperform" rating restated by equities research analysts at Royal Bank of Canada in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $61.00 target price on the stock. Royal Bank of Canada's price objective suggests a potential upside of 96.74% from the stock's previous close.

A number of other analysts have also weighed in on the stock. TD Cowen increased their target price on shares of Biohaven from $55.00 to $75.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Biohaven in a report on Tuesday, December 17th. HC Wainwright reiterated a "buy" rating and issued a $59.00 price objective on shares of Biohaven in a research report on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Biohaven in a report on Tuesday, February 11th. They set a "buy" rating and a $65.00 target price for the company. Fourteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $62.77.

Biohaven Trading Up 0.1 %

BHVN stock traded up $0.04 during midday trading on Tuesday, hitting $31.01. The company had a trading volume of 221,263 shares, compared to its average volume of 943,162. The stock has a market cap of $3.14 billion, a price-to-earnings ratio of -3.32 and a beta of 1.27. Biohaven has a 52 week low of $26.80 and a 52 week high of $62.21. The stock's 50 day moving average price is $38.07 and its 200 day moving average price is $42.66.

Biohaven (NYSE:BHVN - Get Free Report) last posted its quarterly earnings results on Monday, March 3rd. The company reported ($1.85) EPS for the quarter, missing analysts' consensus estimates of ($1.56) by ($0.29). Analysts predict that Biohaven will post -8.9 earnings per share for the current year.

Insider Buying and Selling

In related news, Director John W. Childs purchased 29,000 shares of the business's stock in a transaction that occurred on Monday, December 30th. The shares were bought at an average price of $35.94 per share, for a total transaction of $1,042,260.00. Following the purchase, the director now directly owns 2,368,741 shares of the company's stock, valued at approximately $85,132,551.54. This represents a 1.24 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 16.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Spire Wealth Management bought a new position in shares of Biohaven during the fourth quarter valued at $56,000. US Bancorp DE grew its position in Biohaven by 57.1% during the 3rd quarter. US Bancorp DE now owns 2,173 shares of the company's stock valued at $109,000 after purchasing an additional 790 shares during the last quarter. Amalgamated Bank grew its position in Biohaven by 21.9% during the 4th quarter. Amalgamated Bank now owns 2,929 shares of the company's stock valued at $109,000 after purchasing an additional 527 shares during the last quarter. KBC Group NV increased its stake in Biohaven by 24.5% during the 3rd quarter. KBC Group NV now owns 2,250 shares of the company's stock valued at $112,000 after purchasing an additional 443 shares in the last quarter. Finally, Quarry LP purchased a new position in Biohaven in the fourth quarter worth about $112,000. Hedge funds and other institutional investors own 88.78% of the company's stock.

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.