Royal Bank of Canada Issues Pessimistic Forecast for Biohaven (NYSE:BHVN) Stock Price

Biohaven (NYSE:BHVN - Free Report) had its target price lowered by Royal Bank of Canada from $68.00 to $66.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other research analysts also recently issued reports about the company. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Biohaven in a report on Wednesday, October 23rd. Robert W. Baird upped their price target on Biohaven from $58.00 to $60.00 and gave the company an "outperform" rating in a report on Monday, September 23rd. William Blair raised Biohaven to a "strong-buy" rating in a report on Friday, August 30th. Jefferies Financial Group began coverage on Biohaven in a report on Monday, September 16th. They set a "buy" rating and a $57.00 price target on the stock. Finally, Sanford C. Bernstein increased their target price on Biohaven from $55.00 to $66.00 and gave the company an "outperform" rating in a report on Tuesday, September 24th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Biohaven currently has an average rating of "Buy" and a consensus target price of $63.42.

Biohaven Trading Down 2.5 %

Shares of NYSE BHVN traded down $1.28 during trading on Wednesday, reaching $49.08. The company had a trading volume of 1,176,460 shares, compared to its average volume of 1,138,349. Biohaven has a 12-month low of $26.80 and a 12-month high of $62.21. The business's 50-day moving average is $47.55 and its 200 day moving average is $40.76.

Insider Transactions at Biohaven

In other Biohaven news, Director John W. Childs bought 21,052 shares of the business's stock in a transaction that occurred on Wednesday, October 2nd. The stock was purchased at an average price of $47.50 per share, for a total transaction of $999,970.00. Following the completion of the transaction, the director now owns 21,052 shares of the company's stock, valued at $999,970. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director John W. Childs purchased 21,052 shares of the business's stock in a transaction on Wednesday, October 2nd. The stock was acquired at an average price of $47.50 per share, for a total transaction of $999,970.00. Following the acquisition, the director now directly owns 21,052 shares of the company's stock, valued at $999,970. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory Bailey purchased 5,000 shares of the business's stock in a transaction on Tuesday, September 24th. The shares were purchased at an average price of $44.19 per share, with a total value of $220,950.00. Following the acquisition, the director now directly owns 1,620,071 shares in the company, valued at $71,590,937.49. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 16.00% of the company's stock.

Institutional Investors Weigh In On Biohaven

Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Biohaven by 280.5% during the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company's stock worth $345,031,000 after acquiring an additional 4,650,702 shares during the last quarter. Oak Ridge Investments LLC lifted its stake in shares of Biohaven by 197.6% during the 2nd quarter. Oak Ridge Investments LLC now owns 22,000 shares of the company's stock worth $764,000 after acquiring an additional 14,607 shares during the last quarter. CWM LLC lifted its stake in shares of Biohaven by 1,893.4% during the 2nd quarter. CWM LLC now owns 14,552 shares of the company's stock worth $505,000 after acquiring an additional 13,822 shares during the last quarter. Bellevue Group AG lifted its stake in shares of Biohaven by 7.0% during the 1st quarter. Bellevue Group AG now owns 1,150,000 shares of the company's stock worth $62,894,000 after acquiring an additional 75,000 shares during the last quarter. Finally, Lord Abbett & CO. LLC bought a new stake in shares of Biohaven during the 1st quarter worth approximately $7,276,000. 88.78% of the stock is owned by institutional investors.

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.