Biohaven (NYSE:BHVN) Cut to Sector Perform at Royal Bank of Canada

Royal Bank of Canada lowered shares of Biohaven (NYSE:BHVN) from an outperform rating to a sector perform rating in a research note issued to investors on Monday, MarketBeat.com reports. They currently have $21.00 price objective on the stock, down from their prior price objective of $54.00.

Other equities analysts have also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft set a $60.00 price objective on shares of Biohaven and gave the stock a “buy” rating in a research report on Thursday, March 20th. JPMorgan Chase & Co. reduced their price objective on shares of Biohaven from $72.00 to $68.00 and set an “overweight” rating for the company in a research report on Wednesday, March 5th. Morgan Stanley reduced their price objective on shares of Biohaven from $69.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. Robert W. Baird reduced their price objective on shares of Biohaven from $60.00 to $57.00 and set an “outperform” rating for the company in a research report on Monday, April 28th. Finally, William Blair raised shares of Biohaven to a “strong-buy” rating in a research report on Thursday, April 24th. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $59.46.

Biohaven Trading Down 3.2%

Shares of BHVN opened at $15.74 on Monday. The company has a market cap of $1.61 billion, a price-to-earnings ratio of -1.68 and a beta of 1.18. Biohaven has a 1-year low of $14.69 and a 1-year high of $55.70. The company’s fifty day simple moving average is $21.52 and its 200 day simple moving average is $33.60.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, May 12th. The company reported ($2.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.50). As a group, research analysts forecast that Biohaven will post -8.9 earnings per share for the current year.

Insider Activity

In other Biohaven news, Director John W. Childs bought 32,700 shares of the stock in a transaction on Tuesday, March 4th. The stock was purchased at an average price of $30.47 per share, with a total value of $996,369.00. Following the completion of the purchase, the director now owns 2,320,571 shares in the company, valued at $70,707,798.37. The trade was a 1.43% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 16.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. SVB Wealth LLC acquired a new position in Biohaven during the first quarter worth about $25,000. Parallel Advisors LLC raised 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 acquiring an additional 1,036 shares in the last quarter. Spire Wealth Management acquired a new position in shares of Biohaven in the fourth quarter valued at approximately $56,000. PNC Financial Services Group Inc. increased its stake in shares of Biohaven by 53.7% in the first quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company’s stock valued at $43,000 after buying an additional 623 shares during the period. Finally, IFP Advisors Inc increased its stake in shares of Biohaven by 84,800.0% in the first 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. Institutional investors and hedge funds own 88.78% of the company’s stock.

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.