Biohaven (NYSE:BHVN) Receives "Neutral" Rating from HC Wainwright

Key Points

• HC Wainwright reaffirmed its “neutral” rating on Biohaven and set a $10 price target, implying approximately 21.33% downside from the prior close.
• Analyst sentiment remains mixed: Biohaven has a consensus “Moderate Buy” rating and an average price target of $18.69, while recent firms including RBC, Bank of America, and Weiss Ratings issued more cautious views.
• Biohaven shares fell 15.3% to $12.71, and the company reported a quarterly loss of $0.91 per share, missing the $0.76-per-share consensus estimate.

Biohaven (NYSE:BHVN - Get Free Report)'s stock had its "neutral" rating reaffirmed by equities researchers at HC Wainwright in a research report issued on Thursday, Benzinga reports. They currently have a $10.00 price objective on the stock. HC Wainwright's price target points to a potential downside of 21.33% from the company's previous close.

Several other research firms have also issued reports on BHVN. Canaccord Genuity Group set a $21.00 price target on Biohaven in a report on Friday, August 28th. Needham & Company LLC set a $11.00 price objective on Biohaven in a research report on Monday, June 29th. Royal Bank Of Canada downgraded Biohaven from an "outperform" rating to a "sector perform" rating and cut their price objective for the company from $23.00 to $19.00 in a research note on Tuesday. Weiss Ratings reissued a "sell (e+)" rating on shares of Biohaven in a report on Friday, August 28th. Finally, Bank of America restated an "underperform" rating and set a $11.00 target price (down from $12.00) on shares of Biohaven in a research note on Monday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $18.69.

Biohaven Stock Down 15.3%

Biohaven stock traded down $2.29 during mid-day trading on Thursday, hitting $12.71. The company had a trading volume of 4,729,681 shares, compared to its average volume of 2,668,528. The company has a current ratio of 4.73, a quick ratio of 4.73 and a debt-to-equity ratio of 21.23. The stock's 50 day moving average price is $14.86 and its two-hundred day moving average price is $12.10. Biohaven has a 12 month low of $7.48 and a 12 month high of $18.57. The company has a market capitalization of $1.92 billion, a PE ratio of -2.74 and a beta of 1.28.

Biohaven (NYSE:BHVN - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.15). As a group, sell-side analysts anticipate that Biohaven will post -3.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biohaven

A number of institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC acquired a new stake in shares of Biohaven in the first quarter valued at about $1,362,000. The Manufacturers Life Insurance Company boosted its holdings in Biohaven by 52.5% in the first quarter. The Manufacturers Life Insurance Company now owns 202,975 shares of the company's stock worth $1,717,000 after purchasing an additional 69,894 shares during the period. Janus Henderson Group PLC grew its position in shares of Biohaven by 1,145.9% during the 1st quarter. Janus Henderson Group PLC now owns 17,534,612 shares of the company's stock valued at $148,214,000 after buying an additional 16,127,247 shares during the last quarter. Quantinno Capital Management LP lifted its holdings in shares of Biohaven by 190.0% in the 1st quarter. Quantinno Capital Management LP now owns 121,554 shares of the company's stock worth $1,028,000 after purchasing an additional 79,640 shares during the last quarter. Finally, NewEdge Wealth LLC acquired a new position in shares of Biohaven during the second quarter valued at $3,656,000. 88.78% of the stock is owned by hedge funds and other institutional investors.

About Biohaven

Biohaven Ltd. (NYSE BHVN) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing therapies for neurological and neurovascular diseases. Founded in 2013 as a spin-out from Yale University, Biohaven focuses on addressing high-unmet medical needs through innovative small-molecule and peptide-based platforms. The company is headquartered in New Haven, Connecticut, and maintains research activities across the United States, with collaborative ties in Europe and Asia via strategic partnerships.

The company's most advanced program centers on calcitonin gene-related peptide (CGRP) receptor antagonists for the acute and preventive treatment of migraine.

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