Royal Bank Of Canada Lowers Biohaven (NYSE:BHVN) Price Target to $9.00

Biohaven (NYSE:BHVN) had its target price decreased by Royal Bank Of Canada from $19.00 to $9.00 in a report released on Thursday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s target price would suggest a potential upside of 8.67% from the stock’s previous close.

A number of other brokerages have also weighed in on BHVN. Cowen restated a “buy” rating on shares of Biohaven in a research note on Wednesday. UBS Group reduced their target price on Biohaven from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday, September 16th. Sanford C. Bernstein reissued a “market perform” rating and set a $9.00 price target (down previously from $34.00) on shares of Biohaven in a research report on Thursday. BTIG Research cut their price target on shares of Biohaven from $33.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of Biohaven in a research note on Wednesday. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Biohaven currently has an average rating of “Moderate Buy” and an average price target of $34.21.

Biohaven Stock Performance

Biohaven stock opened at $8.28 on Thursday. Biohaven has a 12-month low of $7.63 and a 12-month high of $54.53. 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 company has a market capitalization of $876.15 million, a price-to-earnings ratio of -1.08 and a beta of 1.10. The firm’s fifty day moving average price is $15.14 and its 200 day moving average price is $15.69.

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

Hedge Funds Weigh In On Biohaven

A number of hedge funds have recently added to or reduced their stakes in the business. NewEdge Wealth LLC increased its stake in Biohaven by 1.3% during the third quarter. NewEdge Wealth LLC now owns 246,553 shares of the company’s stock valued at $3,701,000 after purchasing an additional 3,050 shares during the last quarter. Readystate Asset Management LP boosted its holdings in shares of Biohaven by 14.1% in the 3rd quarter. Readystate Asset Management LP now owns 377,119 shares of the company’s stock valued at $5,661,000 after buying an additional 46,587 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Biohaven by 113.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company’s stock valued at $36,000 after buying an additional 1,268 shares during the last quarter. Warner Group LLC bought a new position in shares of Biohaven during the third quarter valued at approximately $219,000. Finally, Assetmark Inc. increased its position in Biohaven by 9.9% in the third quarter. Assetmark Inc. now owns 22,830 shares of the company’s stock worth $343,000 after buying an additional 2,065 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.