Morgan Stanley Lowers Biohaven (NYSE:BHVN) Price Target to $63.00

Biohaven (NYSE:BHVN - Get Free Report) had its price target dropped by equities research analysts at Morgan Stanley from $69.00 to $63.00 in a report issued on Friday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Morgan Stanley's target price indicates a potential upside of 110.92% from the stock's current price.

Several other brokerages have also recently weighed in on BHVN. HC Wainwright reiterated a "buy" rating and issued a $54.00 price objective on shares of Biohaven in a research note on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft started coverage on shares of Biohaven in a research note on Tuesday, February 11th. They issued a "buy" rating and a $65.00 price objective for the company. TD Cowen lifted their price objective on shares of Biohaven from $55.00 to $75.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. dropped their price objective on shares of Biohaven from $72.00 to $68.00 and set an "overweight" rating for the company in a research note on Wednesday. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Biohaven in a research report on Tuesday, December 17th. Fourteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Biohaven has a consensus rating of "Buy" and a consensus price target of $63.15.

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Biohaven Stock Performance

Shares of BHVN stock traded down $0.53 during midday trading on Friday, hitting $29.87. 1,164,802 shares of the company were exchanged, compared to its average volume of 974,982. The firm has a market capitalization of $3.02 billion, a P/E ratio of -3.19 and a beta of 1.27. The firm's 50 day moving average price is $37.72 and its two-hundred day moving average price is $42.44. Biohaven has a 52 week low of $26.80 and a 52 week high of $62.21.

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

Insiders Place Their Bets

In other Biohaven news, Director John W. Childs acquired 32,700 shares of the stock in a transaction on Tuesday, March 4th. The shares were purchased at an average price of $30.47 per share, for a total transaction of $996,369.00. Following the completion of the acquisition, the director now owns 2,320,571 shares in the company, valued at approximately $70,707,798.37. This represents a 1.43 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 16.00% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BHVN. US Bancorp DE raised its holdings in Biohaven by 57.1% during the third quarter. US Bancorp DE now owns 2,173 shares of the company's stock worth $109,000 after buying an additional 790 shares during the last quarter. SpiderRock Advisors LLC acquired a new position in Biohaven during the third quarter worth $620,000. Venturi Wealth Management LLC raised its holdings in Biohaven by 19.1% during the third quarter. Venturi Wealth Management LLC now owns 3,117 shares of the company's stock worth $156,000 after buying an additional 500 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Biohaven by 67.1% in the third quarter. Victory Capital Management Inc. now owns 363,615 shares of the company's stock valued at $18,170,000 after purchasing an additional 145,960 shares during the last quarter. Finally, KBC Group NV raised its holdings in shares of Biohaven by 24.5% in the third quarter. KBC Group NV now owns 2,250 shares of the company's stock valued at $112,000 after purchasing an additional 443 shares during the last quarter. Institutional investors and hedge funds 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.