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

Biohaven (NYSE:BHVN) had its price objective reduced by equities researchers at JPMorgan Chase & Co. from $47.00 to $15.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 55.12% from the stock’s previous close.

A number of other analysts have also recently issued reports on BHVN. Leerink Partners reduced their price objective on Biohaven from $60.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, August 12th. Citigroup lowered their price target on Biohaven from $28.00 to $14.00 and set a “buy” rating for the company in a research note on Thursday, November 13th. Morgan Stanley cut their price objective on shares of Biohaven from $54.00 to $26.00 and set an “overweight” rating on the stock in a research report on Tuesday. Robert W. Baird set a $42.00 target price on shares of Biohaven in a research note on Wednesday, November 5th. Finally, Royal Bank Of Canada dropped their price target on shares of Biohaven from $19.00 to $9.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $28.36.

Biohaven Stock Performance

BHVN stock opened at $9.67 on Thursday. The stock has a market cap of $1.02 billion, a P/E ratio of -1.27 and a beta of 1.10. 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 50 day simple moving average of $13.87 and a 200 day simple moving average of $14.77. Biohaven has a 52 week low of $7.48 and a 52 week high of $47.75.

Biohaven (NYSE:BHVN) last released its earnings results on Monday, November 10th. The company reported ($1.64) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.91) by $0.27. Research analysts anticipate that Biohaven will post -8.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director John W. Childs purchased 3,333,333 shares of the stock in a transaction on Thursday, November 13th. The shares were bought at an average price of $7.50 per share, for a total transaction of $24,999,997.50. Following the completion of the acquisition, the director directly owned 5,653,904 shares in the company, valued at approximately $42,404,280. This trade represents a 143.64% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory Bailey purchased 400,000 shares of the company’s stock in a transaction dated Thursday, November 13th. The stock was purchased at an average cost of $7.50 per share, for a total transaction of $3,000,000.00. Following the transaction, the director owned 2,020,071 shares of the company’s stock, valued at approximately $15,150,532.50. This trade represents a 24.69% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought 4,416,999 shares of company stock worth $33,144,833 over the last ninety days. Company insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

Several hedge funds and other institutional investors have recently made changes to their positions in BHVN. Envestnet Asset Management Inc. acquired a new position in shares of Biohaven during the 1st quarter worth about $1,545,000. CWM LLC increased its position in Biohaven by 87.9% in the 1st quarter. CWM LLC now owns 13,679 shares of the company’s stock worth $329,000 after buying an additional 6,400 shares during the period. IFP Advisors Inc increased its position in Biohaven by 84,800.0% in the 1st quarter. IFP Advisors Inc now owns 2,547 shares of the company’s stock worth $61,000 after buying an additional 2,544 shares during the period. Y Intercept Hong Kong Ltd lifted its holdings in shares of Biohaven by 217.9% during the first quarter. Y Intercept Hong Kong Ltd now owns 26,846 shares of the company’s stock worth $645,000 after buying an additional 18,401 shares during the last quarter. Finally, Assetmark Inc. bought a new stake in shares of Biohaven in the first quarter valued at approximately $528,000. 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.