Biohaven Pharmaceutical (BHVN) Earns Buy Rating from Cantor Fitzgerald

Biohaven Pharmaceutical (NYSE:BHVN)‘s stock had its “buy” rating reissued by Cantor Fitzgerald in a report released on Monday. They presently have a $65.00 price objective on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 55.28% from the stock’s previous close.

The analysts wrote, “. We reiterate our Overweight rating and raise our PT to $65 from $55 on shares of BHVN. This morning, Biohaven announced positive topline data from a P3 trial with the ODT formulation of rimegepant, demonstrating that the PK benefit of a faster Tmax translated to therapeutic benefit of more rapid onset for ODT rime’ vs the tablet. These results exceed our expectations because, although the PK set-up was positive, we had been concerned that the ability to differentiate clinically may have been a challenge. Therefore, our base case was the ODT version of rime’ was going to be simply a convenience play”, not a clinical efficacy play”.””

Several other analysts have also commented on the stock. Morgan Stanley reaffirmed a “buy” rating and issued a $47.00 price objective on shares of Biohaven Pharmaceutical in a research report on Thursday, October 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $48.00 price objective on shares of Biohaven Pharmaceutical in a research note on Friday, August 17th. Piper Jaffray Companies set a $65.00 price objective on shares of Biohaven Pharmaceutical and gave the company a “buy” rating in a research note on Wednesday, September 12th. Zacks Investment Research cut shares of Biohaven Pharmaceutical from a “hold” rating to a “sell” rating in a research note on Tuesday, October 16th. Finally, Leerink Swann initiated coverage on shares of Biohaven Pharmaceutical in a research report on Monday, November 12th. They set an “outperform” rating and a $50.00 target price for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $50.44.

Shares of BHVN traded down $0.76 during trading hours on Monday, reaching $41.86. 1,964 shares of the stock traded hands, compared to its average volume of 289,738. The firm has a market capitalization of $1.37 billion, a P/E ratio of -8.33 and a beta of 1.18. Biohaven Pharmaceutical has a 52 week low of $16.50 and a 52 week high of $44.28.

Biohaven Pharmaceutical (NYSE:BHVN) last announced its quarterly earnings data on Wednesday, November 14th. The company reported ($1.53) EPS for the quarter, missing the consensus estimate of ($1.05) by ($0.48). As a group, analysts predict that Biohaven Pharmaceutical will post -6.07 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of BHVN. Raymond James Financial Services Advisors Inc. purchased a new position in Biohaven Pharmaceutical during the 2nd quarter valued at $291,000. State Board of Administration of Florida Retirement System grew its position in shares of Biohaven Pharmaceutical by 24.7% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 15,913 shares of the company’s stock worth $629,000 after buying an additional 3,150 shares during the period. Bank of New York Mellon Corp grew its position in shares of Biohaven Pharmaceutical by 16.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 141,762 shares of the company’s stock worth $5,603,000 after buying an additional 20,364 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Biohaven Pharmaceutical in the 2nd quarter worth about $191,000. Finally, Quantitative Systematic Strategies LLC purchased a new stake in shares of Biohaven Pharmaceutical in the 2nd quarter worth about $205,000. 77.63% of the stock is currently owned by institutional investors and hedge funds.

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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Analyst Recommendations for Biohaven Pharmaceutical (NYSE:BHVN)

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