Morgan Stanley downgraded shares of Biohaven Pharmaceutical (NYSE:BHVN) from an overweight rating to an equal weight rating in a research note issued to investors on Tuesday, April 9th, Stock Target Advisor reports. The firm currently has $49.13 price objective on the stock. The analysts noted that the move was a valuation call.
A number of other equities research analysts have also commented on the company. Cantor Fitzgerald raised their price target on Biohaven Pharmaceutical to $82.00 and gave the stock an overweight rating in a research report on Wednesday, March 6th. Zacks Investment Research raised Biohaven Pharmaceutical from a hold rating to a buy rating and set a $40.00 price target on the stock in a research report on Tuesday, January 15th. Oppenheimer set a $63.00 target price on Biohaven Pharmaceutical and gave the company a buy rating in a research report on Monday, December 10th. Needham & Company LLC reissued a buy rating and issued a $56.00 target price (up previously from $48.00) on shares of Biohaven Pharmaceutical in a research report on Monday, March 4th. Finally, Piper Jaffray Companies set a $75.00 target price on Biohaven Pharmaceutical and gave the company a buy rating in a research report on Monday, March 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $63.01.
Biohaven Pharmaceutical stock traded down $0.08 during mid-day trading on Tuesday, hitting $57.06. 616,158 shares of the company were exchanged, compared to its average volume of 541,459. The firm has a market capitalization of $2.53 billion, a P/E ratio of -9.28 and a beta of 0.60. Biohaven Pharmaceutical has a 1-year low of $26.40 and a 1-year high of $64.83.
In related news, Director Julia P. Gregory sold 12,000 shares of the business’s stock in a transaction on Thursday, February 21st. The stock was sold at an average price of $43.56, for a total value of $522,720.00. Following the completion of the sale, the director now directly owns 12,000 shares in the company, valued at approximately $522,720. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Declan Doogan sold 40,000 shares of the business’s stock in a transaction on Wednesday, February 13th. The shares were sold at an average price of $44.31, for a total value of $1,772,400.00. The disclosure for this sale can be found here. Insiders have sold a total of 437,856 shares of company stock valued at $22,279,475 over the last quarter. 34.20% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Blueshift Asset Management LLC acquired a new position in shares of Biohaven Pharmaceutical during the 4th quarter worth $306,000. BlackRock Inc. raised its holdings in shares of Biohaven Pharmaceutical by 3.7% during the 3rd quarter. BlackRock Inc. now owns 2,167,762 shares of the company’s stock worth $81,400,000 after buying an additional 77,374 shares in the last quarter. Sofinnova Ventures Inc acquired a new position in shares of Biohaven Pharmaceutical during the 3rd quarter worth $4,996,000. Emerald Mutual Fund Advisers Trust raised its holdings in shares of Biohaven Pharmaceutical by 2.4% during the 4th quarter. Emerald Mutual Fund Advisers Trust now owns 480,318 shares of the company’s stock worth $17,762,000 after buying an additional 11,425 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Biohaven Pharmaceutical during the 3rd quarter worth $2,816,000. 88.94% of the stock is owned by hedge funds and other institutional investors.
About Biohaven Pharmaceutical
Biohaven Pharmaceutical Holding Company Ltd., a clinical-stage biopharmaceutical company, develops late-stage products candidates targeting neurological diseases in the United States. Its clinical stage products include Rimegepant, a product that has completed phase III trials and is in long-term safety ongoing process for acute treatment and prevention of migraine; BHV-3500 that has completed phase I clinical trial for acute treatment and prevention of migraine; and Troriluzole that has completed II/III randomization phase and is ongoing extension trial for ataxias.
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