Biohaven Pharmaceutical (BHVN) Rating Reiterated by Canaccord Genuity
Biohaven Pharmaceutical (NYSE:BHVN)‘s stock had its “buy” rating reaffirmed by investment analysts at Canaccord Genuity in a research report issued to clients and investors on Friday. They currently have a $43.00 price target on the stock. Canaccord Genuity’s target price suggests a potential upside of 23.35% from the company’s previous close.
The analysts wrote, “We are updating our BHVN model after the company recently reported its 2Q18 results and filed its 10-Q. We are not making any substantial changes to our model and are maintaining our DCF-based price target at $43, which represents ~20% upside potential from current levels. As we noted recently (see here), we believe the pullback from recent highs affords an opportunity to buy the stock ahead of upcoming data-related events in 4Q18.””
BHVN has been the subject of a number of other research reports. Needham & Company LLC restated a “buy” rating and set a $48.00 target price on shares of Biohaven Pharmaceutical in a research note on Friday. Piper Jaffray Companies set a $48.00 target price on shares of Biohaven Pharmaceutical and gave the stock a “buy” rating in a research note on Thursday. Zacks Investment Research cut shares of Biohaven Pharmaceutical from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Morgan Stanley raised their target price on shares of Biohaven Pharmaceutical from $39.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, July 13th. Finally, Cantor Fitzgerald raised their target price on shares of Biohaven Pharmaceutical from $42.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, July 12th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and seven have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $43.71.
Biohaven Pharmaceutical (NYSE:BHVN) last announced its quarterly earnings results on Tuesday, May 15th. The company reported ($2.32) EPS for the quarter, missing analysts’ consensus estimates of ($1.12) by ($1.20). equities research analysts expect that Biohaven Pharmaceutical will post -6.72 EPS for the current year.
In related news, VP Kimberly Gentile sold 12,500 shares of the firm’s stock in a transaction dated Friday, June 15th. The shares were sold at an average price of $40.02, for a total transaction of $500,250.00. Following the transaction, the vice president now directly owns 12,500 shares of the company’s stock, valued at $500,250. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Robert Berman sold 104,155 shares of the firm’s stock in a transaction dated Tuesday, June 12th. The stock was sold at an average price of $36.33, for a total transaction of $3,783,951.15. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 406,245 shares of company stock worth $14,479,071. 34.20% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC increased its position in Biohaven Pharmaceutical by 34.9% during the second quarter. Jane Street Group LLC now owns 16,884 shares of the company’s stock worth $667,000 after acquiring an additional 4,365 shares during the period. California Public Employees Retirement System bought a new position in Biohaven Pharmaceutical during the second quarter worth about $790,000. Ardsley Advisory Partners bought a new position in Biohaven Pharmaceutical during the second quarter worth about $395,000. Cubist Systematic Strategies LLC bought a new position in Biohaven Pharmaceutical during the second quarter worth about $354,000. Finally, Bank of America Corp DE increased its position in Biohaven Pharmaceutical by 34.9% during the second quarter. Bank of America Corp DE now owns 128,367 shares of the company’s stock worth $5,073,000 after acquiring an additional 33,215 shares during the period. 77.44% of the stock is currently owned by institutional investors and hedge funds.
About Biohaven Pharmaceutical
Biohaven Pharmaceutical Holding Company Ltd., a clinical-stage biopharmaceutical company, develops product candidates to treat neurological diseases, including rare disorders. Its lead product candidate is rimegepant, which is in Phase III clinical trials for the acute treatment of migraine. The company also develops trigriluzole, which is in a Phase II/III clinical trial used for the treatment of ataxias with an initial focus on spinocerebellar ataxia; and Phase II/III clinical trial for the treatment of obsessive compulsive disorders, as well as for the treatment of Alzheimer's diseases.
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