Biohaven Pharmaceutical (NYSE:BHVN)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a note issued to investors on Friday. They presently have a $48.00 price objective on the stock. Needham & Company LLC’s target price suggests a potential upside of 37.69% from the stock’s previous close.
The analysts wrote, “Biohaven reported 2Q18 financial results this wk and we spoke w/ mgmt for update. Biohaven announced encouraging results from BHV-0223 Phase 2 trial in Anxiety and plans to bring related drug troriluzole forward in a registration trial in both this indication and Spinocerebellar Ataxia by YE18. Enrollment has been completed in Phase 3 trial of ODT formulation of lead asset rimegepant in Acute Migraine and results expected 4Q18. Rimegepant open label Phase 3 safety trial has reached 1600 pts and mgmt reiterated guidance for interim analysis 4Q18. NDA submission in Acute Migraine probably mid-2019. Phase 3 rimegepant trial initiation in Chronic Migraine on track 4Q18. We continue to believe rimegepant will be an attractive option for both Acute and Chronic Migraine. Rest of pipeline higher risk, but still underappreciated.””
Other equities analysts also recently issued reports about the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven Pharmaceutical in a report on Thursday, June 14th. Piper Jaffray Companies set a $48.00 price objective on shares of Biohaven Pharmaceutical and gave the stock a “buy” rating in a report on Thursday. ValuEngine raised shares of Biohaven Pharmaceutical from a “hold” rating to a “buy” rating in a report on Friday, June 1st. Canaccord Genuity set a $35.00 price objective on shares of Biohaven Pharmaceutical and gave the stock a “buy” rating in a report on Wednesday, May 16th. Finally, Zacks Investment Research downgraded shares of Biohaven Pharmaceutical from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 17th. Two research 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. Biohaven Pharmaceutical currently has a consensus rating of “Buy” and an average price target of $43.71.
Biohaven Pharmaceutical (NYSE:BHVN) last issued its quarterly earnings results on Tuesday, May 15th. The company reported ($2.32) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.12) by ($1.20). equities research analysts predict that Biohaven Pharmaceutical will post -6.72 earnings per share for the current year.
In related news, Director Declan Doogan sold 842 shares of Biohaven Pharmaceutical stock in a transaction dated Wednesday, May 30th. The shares were sold at an average price of $35.00, for a total transaction of $29,470.00. Following the completion of the transaction, the director now directly owns 463,913 shares of the company’s stock, valued at approximately $16,236,955. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO James Engelhart sold 5,000 shares of Biohaven Pharmaceutical stock in a transaction dated Wednesday, May 30th. The shares were sold at an average price of $35.00, for a total transaction of $175,000.00. Following the transaction, the chief financial officer now directly owns 5,000 shares of the company’s stock, valued at $175,000. The disclosure for this sale can be found here. Insiders have sold a total of 406,245 shares of company stock valued at $14,479,071 over the last three months. 34.20% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC lifted its holdings in Biohaven Pharmaceutical by 34.9% during the 2nd quarter. Jane Street Group LLC now owns 16,884 shares of the company’s stock valued at $667,000 after purchasing an additional 4,365 shares during the last quarter. California Public Employees Retirement System bought a new position in Biohaven Pharmaceutical during the 2nd quarter valued at about $790,000. Ardsley Advisory Partners bought a new position in Biohaven Pharmaceutical during the 2nd quarter valued at about $395,000. Cubist Systematic Strategies LLC bought a new position in Biohaven Pharmaceutical during the 2nd quarter valued at about $354,000. Finally, Bank of America Corp DE lifted its holdings in Biohaven Pharmaceutical by 34.9% during the 2nd quarter. Bank of America Corp DE now owns 128,367 shares of the company’s stock valued at $5,073,000 after purchasing an additional 33,215 shares during the last quarter. 77.44% of the stock is owned by hedge funds and other institutional investors.
Biohaven Pharmaceutical Company Profile
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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