JPMorgan Chase & Co. Has Lowered Expectations for Biohaven (NYSE:BHVN) Stock Price

Biohaven (NYSE:BHVN) had its target price decreased by investment analysts at JPMorgan Chase & Co. from $68.00 to $55.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 282.50% from the stock’s previous close.

BHVN has been the topic of a number of other reports. Cantor Fitzgerald upgraded Biohaven to a “strong-buy” rating in a research report on Tuesday, May 13th. William Blair upgraded Biohaven to a “strong-buy” rating in a research report on Thursday, April 24th. Morgan Stanley decreased their price objective on Biohaven from $69.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Robert W. Baird decreased their price objective on Biohaven from $60.00 to $57.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Finally, Royal Bank Of Canada downgraded Biohaven from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $54.00 to $21.00 in a research report on Monday, May 19th. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $58.46.

Biohaven Stock Performance

NYSE:BHVN opened at $14.38 on Wednesday. The firm has a market capitalization of $1.47 billion, a PE ratio of -1.54 and a beta of 0.95. Biohaven has a 52-week low of $14.18 and a 52-week high of $55.70. The stock has a 50-day simple moving average of $17.97 and a two-hundred day simple moving average of $28.87.

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

Institutional Investors Weigh In On Biohaven

Several institutional investors and hedge funds have recently modified their holdings of BHVN. Rhumbline Advisers raised its position in shares of Biohaven by 14.0% during the 4th quarter. Rhumbline Advisers now owns 117,595 shares of the company’s stock worth $4,392,000 after acquiring an additional 14,407 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Biohaven by 4.4% in the fourth quarter. Principal Financial Group Inc. now owns 77,387 shares of the company’s stock valued at $2,890,000 after acquiring an additional 3,281 shares during the period. Peregrine Capital Management LLC acquired a new stake in shares of Biohaven in the fourth quarter valued at approximately $5,561,000. Handelsbanken Fonder AB boosted its holdings in shares of Biohaven by 20.8% in the fourth quarter. Handelsbanken Fonder AB now owns 25,000 shares of the company’s stock valued at $934,000 after acquiring an additional 4,300 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Biohaven by 9.1% in the fourth quarter. Bank of New York Mellon Corp now owns 295,078 shares of the company’s stock valued at $11,021,000 after acquiring an additional 24,703 shares during the period. Hedge funds and other institutional investors 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.