Morgan Stanley Issues Pessimistic Forecast for Biohaven (NYSE:BHVN) Stock Price

by · The Cerbat Gem

Biohaven (NYSE:BHVN – Get Free Report) had its price target decreased by analysts at Morgan Stanley from $54.00 to $26.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s target price points to a potential upside of 170.58% from the stock’s previous close.

Other analysts have also issued research reports about the stock. TD Cowen cut their price objective on shares of Biohaven from $50.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. UBS Group reduced their price objective on Biohaven from $27.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday, September 16th. Royal Bank Of Canada lowered their target price on Biohaven from $19.00 to $9.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 6th. HC Wainwright reaffirmed a “buy” rating and set a $30.00 target price (down from $54.00) on shares of Biohaven in a report on Tuesday, August 12th. Finally, Leerink Partners dropped their target price on Biohaven from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $31.21.

Read Our Latest Research Report on BHVN

Biohaven Stock Performance

Shares of NYSE BHVN traded up $1.34 during mid-day trading on Tuesday, hitting $9.61. The stock had a trading volume of 4,274,872 shares, compared to its average volume of 2,195,347. The company has a 50 day moving average of $14.24 and a two-hundred day moving average of $15.03. Biohaven has a twelve month low of $7.48 and a twelve month high of $47.75. The company has a debt-to-equity ratio of 1.91, a quick ratio of 2.86 and a current ratio of 2.86. The firm has a market cap of $1.02 billion, a PE ratio of -1.27 and a beta of 1.10.

Biohaven (NYSE:BHVN – Get Free Report) last announced its quarterly earnings data on Monday, November 10th. The company reported ($1.64) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.91) by $0.27. Research analysts predict that Biohaven will post -8.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other Biohaven news, CAO George C. Clark bought 17,000 shares of Biohaven stock in a transaction on Monday, November 17th. The shares were bought at an average price of $8.52 per share, for a total transaction of $144,840.00. Following the completion of the transaction, the chief accounting officer directly owned 20,000 shares of the company’s stock, valued at $170,400. This trade represents a 566.67% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director John W. Childs purchased 3,333,333 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was acquired at an average cost of $7.50 per share, for a total transaction of $24,999,997.50. Following the purchase, the director owned 5,653,904 shares in the company, valued at approximately $42,404,280. The trade was a 143.64% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders have bought 4,416,999 shares of company stock valued at $33,144,833. Insiders own 14.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. XTX Topco Ltd purchased a new stake in shares of Biohaven in the 3rd quarter valued at approximately $955,000. Alyeska Investment Group L.P. purchased a new stake in Biohaven in the third quarter valued at approximately $3,002,000. Verition Fund Management LLC lifted its stake in Biohaven by 19.4% during the third quarter. Verition Fund Management LLC now owns 146,180 shares of the company’s stock worth $2,194,000 after purchasing an additional 23,724 shares in the last quarter. Quantessence Capital LLC purchased a new position in shares of Biohaven during the third quarter worth $945,000. Finally, Quarry LP acquired a new stake in shares of Biohaven in the third quarter valued at $150,000. Hedge funds and other institutional investors own 88.78% of the company’s stock.

Biohaven Company Profile

(Get Free Report)

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.

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