UBS Group Raises Biohaven (NYSE:BHVN) Price Target to $60.00

Biohaven (NYSE:BHVN) had its target price raised by UBS Group from $59.00 to $60.00 in a report released on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

BHVN has been the subject of several other reports. JPMorgan Chase & Co. upped their target price on Biohaven from $32.00 to $56.00 and gave the company an overweight rating in a report on Friday, February 23rd. TD Cowen upped their target price on Biohaven from $35.00 to $55.00 and gave the company an outperform rating in a report on Friday, March 1st. Royal Bank of Canada reaffirmed an outperform rating and issued a $61.00 target price on shares of Biohaven in a report on Tuesday, April 9th. Cantor Fitzgerald reissued an overweight rating on shares of Biohaven in a report on Thursday, April 18th. Finally, HC Wainwright increased their price objective on Biohaven from $50.00 to $63.00 and gave the company a buy rating in a report on Monday, March 4th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of Buy and an average price target of $52.13.

Biohaven Stock Performance

Shares of BHVN opened at $38.99 on Tuesday. The stock has a 50 day moving average price of $51.11 and a two-hundred day moving average price of $41.77. The firm has a market capitalization of $3.44 billion, a P/E ratio of -6.89 and a beta of 1.18. Biohaven has a 52 week low of $12.35 and a 52 week high of $62.21.

Biohaven (NYSE:BHVN) last released its earnings results on Thursday, February 29th. The company reported ($1.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.41) by ($0.40). On average, equities analysts forecast that Biohaven will post -5.85 earnings per share for the current year.

Insider Buying and Selling

In other Biohaven news, Director Gregory Bailey acquired 25,503 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were bought at an average price of $39.18 per share, for a total transaction of $999,207.54. Following the completion of the transaction, the director now owns 1,600,071 shares of the company’s stock, valued at approximately $62,690,781.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Biohaven news, Director Gregory Bailey acquired 25,503 shares of the stock in a transaction that occurred on Wednesday, April 24th. The shares were bought at an average price of $39.18 per share, for a total transaction of $999,207.54. Following the completion of the transaction, the director now owns 1,600,071 shares of the company’s stock, valued at approximately $62,690,781.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Vlad Coric acquired 121,951 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was acquired at an average price of $41.00 per share, for a total transaction of $4,999,991.00. Following the transaction, the chief executive officer now directly owns 1,788,417 shares of the company’s stock, valued at approximately $73,325,097. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 196,234 shares of company stock worth $7,999,179. Corporate insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

A number of large investors have recently added to or reduced their stakes in BHVN. Point72 Asset Management L.P. raised its position in Biohaven by 142.2% during the fourth quarter. Point72 Asset Management L.P. now owns 2,483,567 shares of the company’s stock valued at $106,297,000 after purchasing an additional 1,458,072 shares in the last quarter. Bellevue Group AG purchased a new stake in Biohaven during the fourth quarter valued at about $46,010,000. Perceptive Advisors LLC raised its position in Biohaven by 129.4% during the fourth quarter. Perceptive Advisors LLC now owns 1,725,047 shares of the company’s stock valued at $73,832,000 after purchasing an additional 973,227 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Biohaven by 33.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,134,323 shares of the company’s stock valued at $134,150,000 after purchasing an additional 791,181 shares in the last quarter. Finally, Redmile Group LLC purchased a new stake in Biohaven during the third quarter valued at about $13,497,000. 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.