Biohaven (NYSE:BHVN) Price Target Cut to $54.00 by Analysts at Morgan Stanley

Biohaven (NYSE:BHVN) had its target price trimmed by Morgan Stanley from $63.00 to $54.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research analysts also recently weighed in on BHVN. Cantor Fitzgerald upgraded shares of Biohaven to a “strong-buy” rating in a research note on Tuesday, May 13th. William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research note on Thursday, April 24th. Royal Bank Of Canada downgraded shares of Biohaven from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $54.00 to $21.00 in a research note on Monday, May 19th. Robert W. Baird decreased their target price on shares of Biohaven from $57.00 to $52.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, JPMorgan Chase & Co. decreased their target price on shares of Biohaven from $68.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, June 18th. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Biohaven presently has an average rating of “Buy” and an average target price of $53.77.

Biohaven Stock Performance

Shares of BHVN stock opened at $13.46 on Tuesday. Biohaven has a one year low of $12.79 and a one year high of $55.70. The company has a 50 day moving average price of $14.60 and a 200 day moving average price of $22.33. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of -1.76 and a beta of 0.98.

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

Institutional Trading of Biohaven

Several institutional investors have recently added to or reduced their stakes in the stock. SVB Wealth LLC acquired a new stake in shares of Biohaven during the first quarter worth $25,000. Parallel Advisors LLC raised its holdings in shares of Biohaven by 319.8% during the first quarter. Parallel Advisors LLC now owns 1,360 shares of the company’s stock worth $33,000 after purchasing an additional 1,036 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Biohaven by 53.7% during the first quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company’s stock worth $43,000 after purchasing an additional 623 shares during the period. IFP Advisors Inc raised its holdings in shares of Biohaven by 84,800.0% during the first quarter. IFP Advisors Inc now owns 2,547 shares of the company’s stock worth $61,000 after purchasing an additional 2,544 shares during the period. Finally, KBC Group NV raised its holdings in shares of Biohaven by 35.0% during the first quarter. KBC Group NV now owns 4,560 shares of the company’s stock worth $110,000 after purchasing an additional 1,183 shares during the period. 88.78% of the stock is owned by institutional investors and hedge funds.

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.