Royal Bank of Canada Reiterates Outperform Rating for Biohaven (NYSE:BHVN)

Biohaven (NYSE:BHVN - Get Free Report)'s stock had its "outperform" rating reiterated by Royal Bank of Canada in a research report issued on Tuesday, Benzinga reports. They currently have a $61.00 price target on the stock. Royal Bank of Canada's target price suggests a potential upside of 17.35% from the stock's previous close.

BHVN has been the subject of a number of other reports. HC Wainwright upped their price target on Biohaven from $50.00 to $63.00 and gave the company a "buy" rating in a report on Monday, March 4th. UBS Group assumed coverage on Biohaven in a report on Tuesday, February 6th. They issued a "buy" rating and a $59.00 price target for the company. TD Cowen upped their price target on Biohaven from $35.00 to $55.00 and gave the company an "outperform" rating in a report on Friday, March 1st. Finally, JPMorgan Chase & Co. upped their price target on Biohaven from $32.00 to $56.00 and gave the company an "overweight" rating in a report on Friday, February 23rd. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, Biohaven has an average rating of "Buy" and an average target price of $52.00.

Biohaven Price Performance

Shares of BHVN stock traded up $0.57 during trading hours on Tuesday, reaching $51.98. 755,551 shares of the stock were exchanged, compared to its average volume of 1,161,293. The business's fifty day moving average is $51.67 and its two-hundred day moving average is $40.01. Biohaven has a 12-month low of $12.35 and a 12-month high of $62.21. The firm has a market capitalization of $4.24 billion, a P/E ratio of -9.12 and a beta of 1.18.

Biohaven (NYSE:BHVN - Get Free Report) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($1.81) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.41) by ($0.40). As a group, equities research analysts predict that Biohaven will post -5.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biohaven

Large investors have recently modified their holdings of the company. US Bancorp DE lifted its holdings in shares of Biohaven by 19.1% during the first quarter. US Bancorp DE now owns 586 shares of the company's stock worth $70,000 after purchasing an additional 94 shares during the period. Franklin Resources Inc. raised its position in Biohaven by 3.2% in the fourth quarter. Franklin Resources Inc. now owns 11,269 shares of the company's stock worth $482,000 after acquiring an additional 349 shares in the last quarter. Creative Planning raised its position in Biohaven by 3.5% in the third quarter. Creative Planning now owns 11,541 shares of the company's stock worth $300,000 after acquiring an additional 395 shares in the last quarter. Canton Hathaway LLC raised its position in Biohaven by 2.3% in the third quarter. Canton Hathaway LLC now owns 21,850 shares of the company's stock worth $568,000 after acquiring an additional 500 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its position in Biohaven by 4.7% in the third quarter. Teacher Retirement System of Texas now owns 16,486 shares of the company's stock worth $429,000 after acquiring an additional 746 shares in the last quarter. 88.78% of the stock is 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.