UBS Group Cuts Biohaven (NYSE:BHVN) Price Target to $26.00

Key Points

• UBS Group has reduced the price target for Biohaven (NYSE:BHVN) from $27.00 to $26.00 while maintaining a "buy" rating, reflecting a potential upside of 89.09% from the previous close.
• In addition to UBS, several other firms have adjusted their price targets for Biohaven, with ratings ranging from "strong-buy" to "buy," contributing to a consensus target price of $53.50.
• Biohaven's stock currently trades at $13.75, much lower than its 12-month high of $55.70, indicating significant volatility and potential investment interest.

Biohaven (NYSE:BHVN - Get Free Report) had its price target reduced by equities researchers at UBS Group from $27.00 to $26.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. UBS Group's target price indicates a potential upside of 89.09% from the company's previous close.

A number of other analysts have also recently commented on BHVN. Bank of America dropped their target price on shares of Biohaven from $50.00 to $49.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Raymond James Financial raised Biohaven from a "moderate buy" rating to a "strong-buy" rating in a research report on Wednesday, September 3rd. Morgan Stanley lowered their price target on Biohaven from $63.00 to $54.00 and set an "overweight" rating for the company in a research report on Tuesday, August 12th. BTIG Research lifted their price target on Biohaven from $59.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, August 19th. Finally, Leerink Partners lowered their price target on Biohaven from $60.00 to $50.00 and set an "outperform" rating for the company in a research report on Tuesday, August 12th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $53.50.

Biohaven Stock Performance

NYSE:BHVN opened at $13.75 on Tuesday. The stock has a market cap of $1.45 billion, a P/E ratio of -1.80 and a beta of 1.02. The firm's fifty day simple moving average is $14.61 and its 200 day simple moving average is $18.21. Biohaven has a twelve month low of $12.79 and a twelve month high of $55.70. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 1.91.

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

Institutional Investors Weigh In On Biohaven

Institutional investors and hedge funds have recently modified their holdings of the company. SVB Wealth LLC purchased a new stake in shares of Biohaven in the first quarter valued at approximately $25,000. Parallel Advisors LLC boosted its stake in Biohaven by 319.8% during the first quarter. Parallel Advisors LLC now owns 1,360 shares of the company's stock worth $33,000 after buying an additional 1,036 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Biohaven by 53.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company's stock valued at $43,000 after purchasing an additional 623 shares during the last quarter. IFP Advisors Inc raised its holdings in shares of Biohaven by 84,800.0% in the 1st quarter. IFP Advisors Inc now owns 2,547 shares of the company's stock valued at $61,000 after buying an additional 2,544 shares during the period. Finally, Elkhorn Partners Limited Partnership raised its holdings in shares of Biohaven by 26.1% in the 2nd quarter. Elkhorn Partners Limited Partnership now owns 5,800 shares of the company's stock valued at $82,000 after buying an additional 1,200 shares during the period. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.