Sanford C. Bernstein Reiterates Market Perform Rating for Biohaven (NYSE:BHVN)

Biohaven (NYSE:BHVN)‘s stock had its “market perform” rating reiterated by analysts at Sanford C. Bernstein in a research report issued on Thursday, MarketBeat.com reports. They currently have a $9.00 target price on the stock, down from their previous target price of $34.00. Sanford C. Bernstein’s target price would indicate a potential upside of 2.21% from the stock’s previous close.

Several other analysts have also recently commented on the company. TD Cowen reduced their target price on Biohaven from $50.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday. Morgan Stanley reiterated an “overweight” rating on shares of Biohaven in a report on Wednesday. William Blair reiterated a “hold” rating on shares of Biohaven in a report on Wednesday. BTIG Research lowered their price target on Biohaven from $33.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Citigroup initiated coverage on Biohaven in a research report on Wednesday, September 17th. They issued a “buy” rating and a $28.00 price target for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $34.21.

Biohaven Stock Performance

Shares of NYSE:BHVN traded up $0.47 on Thursday, reaching $8.81. 5,533,574 shares of the company’s stock were exchanged, compared to its average volume of 2,028,577. The company has a fifty day moving average of $15.42 and a 200-day moving average of $15.83. Biohaven has a twelve month low of $7.80 and a twelve month high of $54.68. The company has a market capitalization of $931.49 million, a price-to-earnings ratio of -1.15 and a beta of 1.10. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 1.91.

Biohaven (NYSE:BHVN) last announced its quarterly earnings data on Monday, August 11th. The company reported ($1.94) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.94). On average, research analysts predict that Biohaven will post -8.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Biohaven

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd lifted its holdings in shares of Biohaven by 838.2% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 251,882 shares of the company’s stock valued at $3,554,000 after buying an additional 225,036 shares during the period. Fiera Capital Corp acquired a new position in Biohaven in the 1st quarter worth about $13,983,000. New York State Common Retirement Fund raised its holdings in Biohaven by 589.9% in the 1st quarter. New York State Common Retirement Fund now owns 160,251 shares of the company’s stock worth $3,852,000 after purchasing an additional 137,024 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Biohaven in the 2nd quarter worth about $244,000. Finally, Rhumbline Advisers raised its holdings in Biohaven by 6.2% in the 1st quarter. Rhumbline Advisers now owns 124,839 shares of the company’s stock worth $3,001,000 after purchasing an additional 7,244 shares during the period. 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.