Biohaven (NYSE:BHVN) Price Target Lowered to $52.00 at Robert W. Baird

Key Points

• Biohaven's target price has been lowered from $57.00 to $52.00 by Robert W. Baird, which still indicates a potential upside of 287.37% from its current price.
• Other analysts have also revised their ratings and price targets for Biohaven, with HC Wainwright setting a target of $30.00 and JPMorgan Chase lowering theirs to $55.00.
• The stock has recently seen a decline of 8.9%, opening at $13.42 and reflecting a significant drop from its 12-month high of $55.70.

Biohaven (NYSE:BHVN - Get Free Report) had its target price lowered by analysts at Robert W. Baird from $57.00 to $52.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Robert W. Baird's target price would indicate a potential upside of 265.30% from the company's current price.

A number of other brokerages also recently weighed in on BHVN. JPMorgan Chase & Co. lowered their target price on shares of Biohaven from $68.00 to $55.00 and set an "overweight" rating for the company in a research note on Wednesday, June 18th. Royal Bank Of Canada downgraded shares of Biohaven from an "outperform" rating to a "sector perform" rating and lowered their target price for the stock from $54.00 to $21.00 in a research note on Monday, May 19th. HC Wainwright restated a "buy" rating and issued a $30.00 price target (down from $54.00) on shares of Biohaven in a report on Tuesday. Cantor Fitzgerald upgraded shares of Biohaven to a "strong-buy" rating in a report on Tuesday, May 13th. Finally, William Blair upgraded shares of Biohaven to a "strong-buy" rating in a report on Thursday, April 24th. One investment analyst has rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Biohaven presently has a consensus rating of "Buy" and an average price target of $53.75.

Biohaven Trading Down 1.1%

Shares of BHVN stock traded down $0.16 during trading hours on Tuesday, hitting $14.24. 68,927 shares of the company's stock traded hands, compared to its average volume of 1,673,554. The stock's 50 day simple moving average is $14.56 and its 200 day simple moving average is $22.27. The stock has a market cap of $1.51 billion, a PE ratio of -1.86 and a beta of 0.98. Biohaven has a 12 month low of $12.79 and a 12 month high of $55.70. The company has a quick ratio of 2.33, a current ratio of 3.82 and a debt-to-equity ratio of 1.91.

Biohaven (NYSE:BHVN - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported ($1.94) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.94). On average, sell-side analysts anticipate that Biohaven will post -8.9 EPS for the current year.

Hedge Funds Weigh In On Biohaven

Several large investors have recently bought and sold shares of BHVN. LPL Financial LLC raised its stake in shares of Biohaven by 4.1% during the 4th quarter. LPL Financial LLC now owns 42,190 shares of the company's stock worth $1,576,000 after purchasing an additional 1,664 shares during the period. Alliancebernstein L.P. raised its stake in Biohaven by 6.6% in the 4th quarter. Alliancebernstein L.P. now owns 96,236 shares of the company's stock valued at $3,594,000 after acquiring an additional 5,951 shares during the period. Wells Fargo & Company MN raised its stake in Biohaven by 30.6% in the 4th quarter. Wells Fargo & Company MN now owns 43,650 shares of the company's stock valued at $1,630,000 after acquiring an additional 10,232 shares during the period. Invesco Ltd. raised its stake in Biohaven by 6.2% in the 4th quarter. Invesco Ltd. now owns 51,814 shares of the company's stock valued at $1,935,000 after acquiring an additional 3,016 shares during the period. Finally, Legal & General Group Plc raised its stake in Biohaven by 5.1% in the 4th quarter. Legal & General Group Plc now owns 90,847 shares of the company's stock valued at $3,393,000 after acquiring an additional 4,408 shares during the period. 88.78% of the stock is currently 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.