Royal Bank Of Canada Forecasts Strong Price Appreciation for Biohaven (NYSE:BHVN) Stock

Biohaven (NYSE:BHVN) had its price objective hoisted by analysts at Royal Bank Of Canada from $22.00 to $23.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective indicates a potential upside of 116.47% from the stock’s previous close.

BHVN has been the topic of several other research reports. Morgan Stanley dropped their price target on Biohaven from $26.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 6th. Bank of America cut Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research note on Wednesday, November 5th. Citigroup restated a “buy” rating on shares of Biohaven in a research report on Friday, December 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Biohaven in a report on Monday, December 29th. Finally, BTIG Research reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Biohaven in a report on Tuesday, November 18th. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.93.

Biohaven Stock Performance

Shares of BHVN stock opened at $10.63 on Tuesday. The stock’s 50-day moving average is $11.62 and its two-hundred day moving average is $12.68. The company has a debt-to-equity ratio of 4.59, a quick ratio of 2.86 and a current ratio of 3.18. Biohaven has a 1 year low of $7.48 and a 1 year high of $31.87. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of -1.53 and a beta of 1.15.

Biohaven (NYSE:BHVN) last announced its earnings results on Monday, March 2nd. The company reported ($1.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.22) by $0.01. Analysts predict that Biohaven will post -8.9 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd purchased a new position in Biohaven in the 4th quarter valued at about $81,000. Invesco Ltd. lifted its stake in shares of Biohaven by 59.0% during the fourth quarter. Invesco Ltd. now owns 194,751 shares of the company’s stock valued at $2,199,000 after buying an additional 72,230 shares during the period. Mercer Global Advisors Inc. ADV purchased a new position in shares of Biohaven during the 4th quarter worth $342,000. XTX Topco Ltd boosted its stake in Biohaven by 31.1% in the 4th quarter. XTX Topco Ltd now owns 83,455 shares of the company’s stock worth $942,000 after buying an additional 19,816 shares during the last quarter. Finally, Voloridge Investment Management LLC lifted its holdings in shares of Biohaven by 758.4% during the 4th quarter. Voloridge Investment Management LLC now owns 1,318,775 shares of the company’s stock worth $14,889,000 after acquiring an additional 1,165,137 shares during the period. Institutional investors and hedge funds own 88.78% of the company’s stock.

Biohaven Company Profile

Biohaven Ltd. (NYSE BHVN) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing therapies for neurological and neurovascular diseases. Founded in 2013 as a spin-out from Yale University, Biohaven focuses on addressing high-unmet medical needs through innovative small-molecule and peptide-based platforms. The company is headquartered in New Haven, Connecticut, and maintains research activities across the United States, with collaborative ties in Europe and Asia via strategic partnerships.

The company’s most advanced program centers on calcitonin gene-related peptide (CGRP) receptor antagonists for the acute and preventive treatment of migraine.