Biohaven (NYSE:BHVN) Downgraded to Neutral Rating by Bank of America

Biohaven (NYSE:BHVN) was downgraded by investment analysts at Bank of America from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday. They currently have a $10.00 target price on the stock. Bank of America‘s price objective points to a potential upside of 25.79% from the stock’s previous close.

A number of other research firms have also commented on BHVN. UBS Group reduced their price target on shares of Biohaven from $27.00 to $26.00 and set a “buy” rating on the stock in a research report on Tuesday, September 16th. HC Wainwright restated a “buy” rating and issued a $30.00 price target (down from $54.00) on shares of Biohaven in a research report on Tuesday, August 12th. Citigroup began coverage on shares of Biohaven in a research report on Wednesday, September 17th. They issued a “buy” rating and a $28.00 price target on the stock. Cowen restated a “buy” rating on shares of Biohaven in a research report on Wednesday. Finally, BTIG Research upped their target price on shares of Biohaven from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, August 19th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Biohaven has an average rating of “Moderate Buy” and an average price target of $40.46.

Biohaven Price Performance

Shares of Biohaven stock traded down $6.00 during trading on Wednesday, hitting $7.95. 29,511,133 shares of the company’s stock traded hands, compared to its average volume of 1,982,396. The company has a debt-to-equity ratio of 1.91, a current ratio of 3.82 and a quick ratio of 3.82. The firm’s fifty day moving average price is $15.56 and its 200 day moving average price is $15.88. Biohaven has a twelve month low of $7.80 and a twelve month high of $54.98. The company has a market cap of $841.03 million, a PE ratio of -1.05 and a beta of 1.10.

Biohaven (NYSE:BHVN) last released its quarterly earnings results on Monday, August 11th. The company reported ($1.94) EPS for the quarter, meeting analysts’ consensus estimates of ($1.94). Analysts forecast that Biohaven will post -8.9 earnings per share for the current year.

Institutional Investors Weigh In On Biohaven

A number of institutional investors and hedge funds have recently modified their holdings of BHVN. Norges Bank bought a new stake in shares of Biohaven during the second quarter worth approximately $12,735,000. Millennium Management LLC raised its stake in shares of Biohaven by 1,172.9% during the first quarter. Millennium Management LLC now owns 901,258 shares of the company’s stock worth $21,666,000 after buying an additional 830,457 shares during the last quarter. Bellevue Group AG raised its stake in shares of Biohaven by 37.3% during the second quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock worth $39,548,000 after buying an additional 762,000 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Biohaven during the second quarter worth approximately $9,289,000. Finally, T. Rowe Price Investment Management Inc. bought a new stake in shares of Biohaven during the first quarter worth approximately $15,481,000. 88.78% of the stock is owned by institutional investors.

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.