Biohaven (NYSE:BHVN) Price Target Cut to $49.00 by Analysts at Bank of America

Key Points

• Bank of America has decreased its price target for Biohaven (NYSE:BHVN) from $50.00 to $49.00 while maintaining a "buy" rating, suggesting a potential upside of 265.02% from its previous close.
• The stock has been under pressure and recently traded down 8.9%, with a current trading price of $13.42 and a twelve-month high of $55.70.
• Biohaven has seen mixed ratings from analysts, with a consensus rating of "Buy" and an average price target of $55.23, despite multiple price target reductions from various brokerages.

Biohaven (NYSE:BHVN - Free Report) had its price target cut by Bank of America from $50.00 to $49.00 in a research report released on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Several other analysts have also issued reports on BHVN. Cantor Fitzgerald raised Biohaven to a "strong-buy" rating in a research note on Tuesday, May 13th. William Blair raised Biohaven to a "strong-buy" rating in a research note on Thursday, April 24th. Royal Bank Of Canada lowered Biohaven from an "outperform" rating to a "sector perform" rating and cut their target price for the stock from $54.00 to $21.00 in a research note on Monday, May 19th. JPMorgan Chase & Co. cut their target price on Biohaven from $68.00 to $55.00 and set an "overweight" rating for the company in a research note on Wednesday, June 18th. Finally, Robert W. Baird cut their target price on Biohaven from $60.00 to $57.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. One investment analyst has rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Biohaven has an average rating of "Buy" and a consensus target price of $53.75.

Biohaven Price Performance

Shares of NYSE BHVN traded down $0.16 during midday trading on Tuesday, hitting $14.24. 68,927 shares of the company's stock were exchanged, compared to its average volume of 1,673,554. Biohaven has a 12-month low of $12.79 and a 12-month high of $55.70. The company has a current ratio of 3.82, a quick ratio of 2.33 and a debt-to-equity ratio of 1.91. The company has a market cap of $1.51 billion, a price-to-earnings ratio of -1.86 and a beta of 0.98. The business's fifty day moving average price is $14.56 and its two-hundred day moving average price is $22.27.

Biohaven (NYSE:BHVN - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The company reported ($1.94) EPS for the quarter, hitting the consensus estimate of ($1.94). As a group, research analysts forecast that Biohaven will post -8.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Biohaven

Several hedge funds have recently bought and sold shares of the business. SVB Wealth LLC purchased a new stake in shares of Biohaven during the 1st quarter worth $25,000. Parallel Advisors LLC increased its holdings in shares of Biohaven by 319.8% in the first quarter. Parallel Advisors LLC now owns 1,360 shares of the company's stock valued at $33,000 after purchasing an additional 1,036 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Biohaven by 53.7% in the first quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company's stock valued at $43,000 after purchasing an additional 623 shares during the period. IFP Advisors Inc grew its holdings in Biohaven by 84,800.0% during the first quarter. IFP Advisors Inc now owns 2,547 shares of the company's stock worth $61,000 after acquiring an additional 2,544 shares during the period. Finally, Quarry LP acquired a new stake in Biohaven during the fourth quarter worth about $112,000. 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.