Biohaven (NYSE:BHVN) Price Target Lowered to $16.00 at BTIG Research

Biohaven (NYSE:BHVN) had its price objective reduced by stock analysts at BTIG Research from $33.00 to $16.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s price target would suggest a potential upside of 92.47% from the stock’s previous close.

A number of other research analysts also recently weighed in on BHVN. Citigroup initiated coverage on Biohaven in a report on Wednesday, September 17th. They set a “buy” rating and a $28.00 target price on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Biohaven in a research note on Wednesday, October 8th. Raymond James Financial restated a “strong-buy” rating on shares of Biohaven in a research note on Wednesday. Bank of America downgraded Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research note on Wednesday. Finally, HC Wainwright restated a “buy” rating and issued a $30.00 price target (down previously from $54.00) on shares of Biohaven in a research note on Tuesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $37.08.

Biohaven Stock Down 40.4%

BHVN stock opened at $8.31 on Thursday. Biohaven has a fifty-two week low of $7.80 and a fifty-two week high of $54.98. The business’s 50 day moving average price is $15.42 and its two-hundred day moving average price is $15.83. The company has a debt-to-equity ratio of 1.91, a quick ratio of 3.82 and a current ratio of 3.82. The company has a market capitalization of $879.44 million, a price-to-earnings ratio of -1.09 and a beta of 1.10.

Biohaven (NYSE:BHVN) last posted its earnings results on Monday, August 11th. The company reported ($1.94) earnings per share for the quarter, hitting analysts’ consensus estimates of ($1.94). As a group, analysts forecast that Biohaven will post -8.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biohaven

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BHVN. Norges Bank bought a new position in Biohaven in the 2nd quarter valued at approximately $12,735,000. Millennium Management LLC lifted its position in Biohaven by 1,172.9% in the 1st quarter. Millennium Management LLC now owns 901,258 shares of the company’s stock valued at $21,666,000 after acquiring an additional 830,457 shares in the last quarter. Bellevue Group AG lifted its position in Biohaven by 37.3% in the 2nd quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock valued at $39,548,000 after acquiring an additional 762,000 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Biohaven in the 2nd quarter valued at approximately $9,289,000. Finally, T. Rowe Price Investment Management Inc. bought a new position in shares of Biohaven during the 1st quarter valued at $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.