JPMorgan Chase & Co. Lowers Biohaven (NYSE:BHVN) Price Target to $55.00

Biohaven (NYSE:BHVN - Free Report) had its price target trimmed by JPMorgan Chase & Co. from $68.00 to $55.00 in a research note published on Wednesday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other analysts have also issued reports on the company. HC Wainwright reissued a "buy" rating and set a $54.00 price target on shares of Biohaven in a report on Tuesday, March 4th. Robert W. Baird cut their price target on Biohaven from $60.00 to $57.00 and set an "outperform" rating for the company in a report on Monday, April 28th. Deutsche Bank Aktiengesellschaft set a $60.00 price target on Biohaven and gave the company a "buy" rating in a report on Thursday, March 20th. Royal Bank Of Canada lowered Biohaven from an "outperform" rating to a "sector perform" rating and cut their price target for the company from $54.00 to $21.00 in a report on Monday, May 19th. Finally, Cantor Fitzgerald raised Biohaven to a "strong-buy" rating in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $58.46.

Biohaven Price Performance

Biohaven stock traded up $0.12 during mid-day trading on Wednesday, reaching $14.51. 2,788,578 shares of the stock traded hands, compared to its average volume of 1,275,548. The stock has a market capitalization of $1.48 billion, a PE ratio of -1.55 and a beta of 0.95. Biohaven has a 12-month low of $13.87 and a 12-month high of $55.70. The business's 50-day moving average is $17.90 and its 200-day moving average is $28.55.

Biohaven (NYSE:BHVN - Get Free Report) last posted its quarterly earnings data on Monday, May 12th. The company reported ($2.17) EPS for the quarter, missing analysts' consensus estimates of ($1.67) by ($0.50). Equities analysts anticipate that Biohaven will post -8.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Biohaven

A number of hedge funds have recently made changes to their positions in BHVN. Rhumbline Advisers boosted its stake in shares of Biohaven by 14.0% in the fourth quarter. Rhumbline Advisers now owns 117,595 shares of the company's stock worth $4,392,000 after acquiring an additional 14,407 shares during the period. Principal Financial Group Inc. boosted its stake in Biohaven by 4.4% during the fourth quarter. Principal Financial Group Inc. now owns 77,387 shares of the company's stock valued at $2,890,000 after buying an additional 3,281 shares during the last quarter. Peregrine Capital Management LLC bought a new position in Biohaven during the fourth quarter valued at approximately $5,561,000. Handelsbanken Fonder AB boosted its stake in Biohaven by 20.8% during the fourth quarter. Handelsbanken Fonder AB now owns 25,000 shares of the company's stock valued at $934,000 after buying an additional 4,300 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Biohaven by 9.1% during the fourth quarter. Bank of New York Mellon Corp now owns 295,078 shares of the company's stock valued at $11,021,000 after buying an additional 24,703 shares during 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.