Biohaven (NYSE:BHVN) Now Covered by Citigroup

Key Points

• Citigroup has initiated coverage on Biohaven, assigning a "buy" rating and a price target of $28.00, indicating a potential upside of 107.10% from its previous close.
• The average consensus rating for Biohaven is "Buy" with a collective price target of $51.80, reflecting strong interest from analysts.
• Biohaven's stock has experienced significant fluctuations, with a one-year low of $12.79 and a high of $55.70, showcasing its volatility in the market.

Stock analysts at Citigroup began coverage on shares of Biohaven (NYSE:BHVN - Get Free Report) in a research report issued on Wednesday, MarketBeat reports. The firm set a "buy" rating and a $28.00 price target on the stock. Citigroup's price target indicates a potential upside of 95.26% from the stock's current price.

A number of other equities research analysts have also issued reports on BHVN. Morgan Stanley dropped their price objective on shares of Biohaven from $63.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday, August 12th. Robert W. Baird reduced their target price on shares of Biohaven from $57.00 to $52.00 and set an "outperform" rating on the stock in a report on Tuesday, August 12th. UBS Group dropped their price target on shares of Biohaven from $27.00 to $26.00 and set a "buy" rating on the stock in a research note on Tuesday, September 16th. JPMorgan Chase & Co. decreased their price target on Biohaven from $68.00 to $55.00 and set an "overweight" rating for the company in a report on Wednesday, June 18th. Finally, HC Wainwright reissued a "buy" rating and issued a $30.00 target price (down previously from $54.00) on shares of Biohaven in a report on Tuesday, August 12th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $51.80.

Biohaven Trading Down 7.6%

BHVN stock traded down $1.18 during trading on Wednesday, hitting $14.34. The company had a trading volume of 4,475,390 shares, compared to its average volume of 2,234,180. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 1.91. The firm has a market capitalization of $1.52 billion, a P/E ratio of -1.87 and a beta of 1.02. The company has a 50 day simple moving average of $14.63 and a 200-day simple moving average of $17.83. Biohaven has a 52-week low of $12.79 and a 52-week high of $55.70.

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

Institutional Investors Weigh In On Biohaven

Several large investors have recently modified their holdings of the business. Bellevue Group AG grew its holdings in shares of Biohaven by 37.3% during the second quarter. Bellevue Group AG now owns 2,802,853 shares of the company's stock worth $39,548,000 after buying an additional 762,000 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Biohaven by 31.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,572,042 shares of the company's stock valued at $36,292,000 after purchasing an additional 612,209 shares during the last quarter. Armistice Capital LLC boosted its holdings in shares of Biohaven by 27.6% during the 2nd quarter. Armistice Capital LLC now owns 2,136,000 shares of the company's stock valued at $30,139,000 after acquiring an additional 462,578 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Biohaven by 3.7% during the 2nd quarter. Geode Capital Management LLC now owns 2,030,919 shares of the company's stock valued at $28,660,000 after acquiring an additional 71,939 shares in the last quarter. Finally, Holocene Advisors LP lifted its holdings in Biohaven by 19.1% during the 2nd quarter. Holocene Advisors LP now owns 1,495,641 shares of the company's stock worth $21,103,000 after buying an additional 239,889 shares during the period. 88.78% of the stock is currently owned by institutional investors.

Biohaven Company Profile

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.