Biohaven (NYSE:BHVN) Upgraded at Raymond James Financial

Key Points

• Biohaven has been upgraded to a "strong-buy" rating by Raymond James Financial, reflecting positive sentiment among analysts about the company's potential.
• Current price targets for Biohaven by various analysts range from $21.00 to $55.71, highlighting a divergence in expectations for the stock's future performance.
• The company has experienced significant interest from institutional investors, with 88.78% of the stock owned by hedge funds and similar entities.

Biohaven (NYSE:BHVN - Get Free Report) was upgraded by Raymond James Financial from a "moderate buy" rating to a "strong-buy" rating in a note issued to investors on Wednesday,Zacks.com reports.

BHVN has been the subject of a number of other reports. Robert W. Baird decreased their price target on Biohaven from $57.00 to $52.00 and set an "outperform" rating for the company in a research note on Tuesday, August 12th. Cantor Fitzgerald upgraded Biohaven to a "strong-buy" rating in a research note on Tuesday, May 13th. HC Wainwright restated a "buy" rating and issued a $30.00 target price (down from $54.00) on shares of Biohaven in a research note on Tuesday, August 12th. Bank of America decreased their target price on Biohaven from $50.00 to $49.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Finally, JPMorgan Chase & Co. decreased 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. Three analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Biohaven has an average rating of "Buy" and a consensus price target of $55.71.

Biohaven Trading Down 8.7%

Shares of BHVN stock traded down $1.38 during mid-day trading on Wednesday, hitting $14.50. 3,965,134 shares of the company's stock were exchanged, compared to its average volume of 1,731,985. Biohaven has a fifty-two week low of $12.79 and a fifty-two week high of $55.70. The stock has a 50-day simple moving average of $14.63 and a two-hundred day simple moving average of $19.16. 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 stock has a market cap of $1.53 billion, a price-to-earnings ratio of -1.89 and a beta of 1.02.

Biohaven (NYSE:BHVN - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($1.94) EPS for the quarter, meeting the consensus estimate of ($1.94). Equities analysts expect that Biohaven will post -8.9 EPS for the current fiscal year.

Institutional Investors Weigh In On Biohaven

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SVB Wealth LLC bought a new stake in Biohaven during the first quarter worth approximately $25,000. Parallel Advisors LLC raised its holdings in Biohaven by 319.8% during the first quarter. Parallel Advisors LLC now owns 1,360 shares of the company's stock worth $33,000 after purchasing an additional 1,036 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Biohaven by 53.7% during the first quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company's stock worth $43,000 after purchasing an additional 623 shares in the last quarter. IFP Advisors Inc raised 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 purchasing an additional 2,544 shares in the last quarter. Finally, Lazard Asset Management LLC raised its holdings in Biohaven by 47.4% during the fourth quarter. Lazard Asset Management LLC now owns 3,207 shares of the company's stock worth $119,000 after purchasing an additional 1,031 shares in the last quarter. 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.