BTIG Research Issues Positive Forecast for Biohaven (NYSE:BHVN) Stock Price

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Biohaven (NYSE:BHVN - Get Free Report) had its price objective hoisted by investment analysts at BTIG Research from $59.00 to $60.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's price objective indicates a potential upside of 283.02% from the stock's previous close.

BHVN has been the topic of a number of other reports. Cantor Fitzgerald upgraded Biohaven to a "strong-buy" rating in a report on Tuesday, May 13th. JPMorgan Chase & Co. reduced their price objective on Biohaven from $68.00 to $55.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 18th. Royal Bank Of Canada lowered Biohaven from an "outperform" rating to a "sector perform" rating and dropped their target price for the company from $54.00 to $21.00 in a report on Monday, May 19th. Leerink Partners dropped their price objective on Biohaven from $60.00 to $50.00 and set an "outperform" rating on the stock in a report on Tuesday, August 12th. Finally, William Blair raised Biohaven to a "strong-buy" rating in a report on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $54.23.

Biohaven Stock Down 2.2%

Shares of NYSE:BHVN traded down $0.35 on Tuesday, reaching $15.67. The company had a trading volume of 347,164 shares, compared to its average volume of 1,679,889. Biohaven has a 52-week low of $12.79 and a 52-week high of $55.70. The firm's 50 day simple moving average is $14.48 and its 200-day simple moving average is $21.55. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 1.91. The firm has a market capitalization of $1.66 billion, a PE ratio of -2.04 and a beta of 0.98.

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

Hedge Funds Weigh In On Biohaven

A number of large investors have recently modified their holdings of BHVN. Wells Fargo & Company MN grew its position in Biohaven by 30.6% in the fourth quarter. Wells Fargo & Company MN now owns 43,650 shares of the company's stock valued at $1,630,000 after purchasing an additional 10,232 shares in the last quarter. Invesco Ltd. lifted its position in shares of Biohaven by 6.2% in the 4th quarter. Invesco Ltd. now owns 51,814 shares of the company's stock worth $1,935,000 after purchasing an additional 3,016 shares during the period. Legal & General Group Plc increased its stake in Biohaven by 5.1% during the 4th quarter. Legal & General Group Plc now owns 90,847 shares of the company's stock valued at $3,393,000 after purchasing an additional 4,408 shares in the last quarter. Renaissance Technologies LLC bought a new position in Biohaven during the fourth quarter worth about $723,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Biohaven in the fourth quarter worth about $1,384,000. 88.78% of the stock is currently owned by institutional investors and hedge funds.

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.

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