Canaccord Genuity reissued their buy rating on shares of Biohaven Pharmaceutical (NYSE:BHVN) in a research report released on Tuesday morning. The brokerage currently has a $35.00 price objective on the stock.
“We continue to like BHVN stock heading into additional rimegepant data later this year and are reiterating our BUY rating. Our BHVN valuation continues to include no specific value for BHV-3500 (acute treatment and migraine prevention; Phase 1 trial initiation in 1H18) or other products ex-sublingual riluzole for amyotrophic lateral sclerosis (ALS). on oral anti-CGRPs extends beyond acute treatment Some key opinion leaders (KOLs) that we spoke with at the recent Neurology (AAN) meeting in April were enthusiastic about the potential for oral anti-CGRPs in migraine prevention. These physicians also said they would be closely watching oral anti-CGRPs for the acute treatment of migraine such as rimegepant, if approved, for an early read on real-world usage of oral anti-CGRPs in potentially preventing migraines.”,” the firm’s analyst commented.
BHVN has been the topic of several other reports. Zacks Investment Research upgraded Biohaven Pharmaceutical from a hold rating to a buy rating and set a $33.00 price objective on the stock in a research note on Friday, March 9th. Barclays cut Biohaven Pharmaceutical from an overweight rating to an equal weight rating and reduced their price objective for the company from $30.00 to $25.00 in a research note on Thursday, April 5th. ValuEngine upgraded Biohaven Pharmaceutical from a sell rating to a hold rating in a research note on Wednesday, May 2nd. Needham & Company LLC reiterated a buy rating on shares of Biohaven Pharmaceutical in a research note on Thursday, February 22nd. Finally, Piper Jaffray Companies reissued a buy rating on shares of Biohaven Pharmaceutical in a report on Monday, March 26th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. Biohaven Pharmaceutical has a consensus rating of Hold and an average price target of $37.29.
Biohaven Pharmaceutical (NYSE:BHVN) last announced its quarterly earnings data on Tuesday, May 15th. The company reported ($2.32) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.12) by ($1.20). research analysts expect that Biohaven Pharmaceutical will post -4.81 earnings per share for the current year.
In related news, insider Robert Berman sold 35,000 shares of the stock in a transaction on Tuesday, April 10th. The stock was sold at an average price of $24.66, for a total value of $863,100.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Kimberly Gentile sold 5,000 shares of the stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $32.87, for a total value of $164,350.00. The disclosure for this sale can be found here. Insiders sold 112,500 shares of company stock worth $3,089,175 in the last three months. 34.20% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of BHVN. BlackRock Inc. grew its holdings in shares of Biohaven Pharmaceutical by 63.6% during the first quarter. BlackRock Inc. now owns 1,888,608 shares of the company’s stock worth $48,650,000 after purchasing an additional 734,401 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Biohaven Pharmaceutical by 84.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,597,756 shares of the company’s stock worth $43,107,000 after purchasing an additional 733,526 shares during the last quarter. Carillon Tower Advisers Inc. purchased a new position in shares of Biohaven Pharmaceutical during the fourth quarter worth about $18,627,000. Foresite Capital Management IV LLC grew its holdings in shares of Biohaven Pharmaceutical by 298.8% during the first quarter. Foresite Capital Management IV LLC now owns 851,200 shares of the company’s stock worth $21,927,000 after purchasing an additional 637,765 shares during the last quarter. Finally, Millennium Management LLC purchased a new position in shares of Biohaven Pharmaceutical during the fourth quarter worth about $7,459,000. 80.24% of the stock is currently owned by 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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