Leerink Partners Lowers Biohaven (NYSE:BHVN) Price Target to $50.00

Key Points

• Leerink Partners has lowered its price target for Biohaven (NYSE:BHVN) from $60.00 to $50.00, while maintaining an "outperform" rating.
• Other analysts, including Morgan Stanley and Bank of America, have also reduced their price targets, with a consensus target of $53.77 and an overall rating of "Buy."
• Biohaven's stock traded at $13.46 with significant trading volume, indicating active investor interest amid recent price revisions.

Biohaven (NYSE:BHVN - Get Free Report) had its price target reduced by equities research analysts at Leerink Partners from $60.00 to $50.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Leerink Partners' price target points to a potential upside of 271.47% from the company's current price.

Other equities research analysts have also recently issued reports about the company. Morgan Stanley lowered their price objective on Biohaven from $63.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday. Bank of America dropped their price target on Biohaven from $50.00 to $49.00 and set a "buy" rating for the company in a research report on Tuesday. Royal Bank Of Canada cut Biohaven from an "outperform" rating to a "sector perform" rating and decreased their price objective for the company from $54.00 to $21.00 in a report on Monday, May 19th. Robert W. Baird decreased their price objective on Biohaven from $57.00 to $52.00 and set an "outperform" rating on the stock in a report on Tuesday. Finally, William Blair upgraded Biohaven to a "strong-buy" rating in a report on Thursday, April 24th. One investment 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. Based on data from MarketBeat.com, Biohaven presently has a consensus rating of "Buy" and an average target price of $53.77.

Biohaven Trading Up 0.4%

BHVN traded up $0.05 during midday trading on Tuesday, hitting $13.46. 2,037,819 shares of the company were exchanged, compared to its average volume of 1,680,861. The company's 50 day simple moving average is $14.65 and its 200 day simple moving average is $22.39. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -1.44 and a beta of 0.98. Biohaven has a 1-year low of $12.79 and a 1-year high of $55.70.

Biohaven (NYSE:BHVN - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($1.94) EPS for the quarter, meeting analysts' consensus estimates of ($1.94). On average, equities analysts anticipate that Biohaven will post -8.9 EPS for the current year.

Institutional Investors Weigh In On Biohaven

A number of institutional investors have recently added to or reduced their stakes in BHVN. SVB Wealth LLC purchased a new stake in shares of Biohaven during the 1st quarter worth approximately $25,000. Parallel Advisors LLC boosted its stake in shares of Biohaven by 319.8% during the 1st quarter. Parallel Advisors LLC now owns 1,360 shares of the company's stock worth $33,000 after acquiring an additional 1,036 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Biohaven by 53.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company's stock worth $43,000 after acquiring an additional 623 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of Biohaven by 84,800.0% during the 1st quarter. IFP Advisors Inc now owns 2,547 shares of the company's stock worth $61,000 after acquiring an additional 2,544 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Biohaven during the 4th quarter worth approximately $112,000. Hedge funds and other 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.

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