Morgan Stanley Cuts Biohaven (NYSE:BHVN) Price Target to $54.00

Key Points

• Morgan Stanley has lowered its price target for Biohaven from $63.00 to $54.00, while maintaining an "overweight" rating, indicating expected potential upside of 302.26% from the last close.
• Biohaven's stock has recently seen a decline of 8.9% and is currently trading at $13.42, with a one-year low of $12.79 and a high of $55.70.
• Institutional investment has increased significantly, with Millennium Management raising its stake by 1,172.9%, now holding over 900,000 shares, highlighting strong institutional interest in Biohaven.

Biohaven (NYSE:BHVN - Get Free Report) had its price target dropped by equities researchers at Morgan Stanley from $63.00 to $54.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. Morgan Stanley's price objective suggests a potential upside of 302.26% from the stock's previous close.

A number of other equities research analysts have also commented on the company. Royal Bank Of Canada lowered Biohaven from an "outperform" rating to a "sector perform" rating and decreased their price objective for the stock from $54.00 to $21.00 in a research report on Monday, May 19th. JPMorgan Chase & Co. cut their target price on shares of Biohaven from $68.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, June 18th. Bank of America cut their target price on shares of Biohaven from $50.00 to $49.00 and set a "buy" rating for the company in a research report on Tuesday. Cantor Fitzgerald upgraded shares of Biohaven to a "strong-buy" rating in a research report on Tuesday, May 13th. Finally, William Blair raised Biohaven to a "strong-buy" rating in a research note on Thursday, April 24th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $54.54.

Biohaven Stock Down 8.9%

NYSE:BHVN opened at $13.42 on Tuesday. Biohaven has a 1-year low of $12.79 and a 1-year high of $55.70. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -1.43 and a beta of 0.98. The stock has a fifty day simple moving average of $14.65 and a 200 day simple moving average of $22.39.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BHVN. Millennium Management LLC raised its stake in shares of Biohaven by 1,172.9% in the 1st quarter. Millennium Management LLC now owns 901,258 shares of the company's stock valued at $21,666,000 after acquiring an additional 830,457 shares in the last quarter. Farallon Capital Management LLC raised its stake in shares of Biohaven by 21.6% in the 4th quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company's stock valued at $165,392,000 after acquiring an additional 785,578 shares in the last quarter. Janus Henderson Group PLC increased its position in Biohaven by 12.1% in the 4th quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company's stock worth $260,735,000 after buying an additional 756,032 shares during the period. T. Rowe Price Investment Management Inc. bought a new position in Biohaven in the 1st quarter worth approximately $15,481,000. Finally, Fiera Capital Corp bought a new position in Biohaven in the 1st quarter worth approximately $13,983,000. 88.78% of the stock is owned by institutional investors.

Biohaven Company Profile

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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