Needham & Company LLC reiterated their buy rating on shares of Biohaven Pharmaceutical (NYSE:BHVN) in a research report report published on Friday. Needham & Company LLC currently has a $48.00 price target on the stock.
“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.”,” the firm’s analyst wrote.
A number of other equities research analysts have also recently issued reports on the company. Piper Jaffray Companies set a $48.00 target price on Biohaven Pharmaceutical and gave the company a buy rating in a research note on Thursday. Zacks Investment Research cut Biohaven Pharmaceutical from a hold rating to a strong sell rating in a research note on Tuesday, August 14th. Morgan Stanley raised their target price on Biohaven Pharmaceutical from $39.00 to $44.00 and gave the company an overweight rating in a research note on Friday, July 13th. Cantor Fitzgerald raised their target price on Biohaven Pharmaceutical from $42.00 to $50.00 and gave the company an overweight rating in a research note on Thursday, July 12th. Finally, Canaccord Genuity set a $40.00 target price on Biohaven Pharmaceutical and gave the company a buy rating in a research note on Sunday, July 1st. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $43.71.
BHVN stock opened at $34.86 on Friday. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -6.97 and a beta of 1.35. Biohaven Pharmaceutical has a 1 year low of $16.50 and a 1 year high of $44.28.
In related news, insider Robert Berman sold 104,155 shares of Biohaven Pharmaceutical stock in a transaction dated Tuesday, June 12th. The shares were sold at an average price of $36.33, for a total transaction of $3,783,951.15. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 sale, the director now owns 463,913 shares in the company, valued at $16,236,955. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 406,245 shares of company stock worth $14,479,071. Company insiders own 34.20% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of BHVN. Deutsche Bank AG raised its stake in shares of Biohaven Pharmaceutical by 28.6% during the fourth quarter. Deutsche Bank AG now owns 23,580 shares of the company’s stock valued at $635,000 after purchasing an additional 5,248 shares in the last quarter. Goldman Sachs Group Inc. acquired a new position in Biohaven Pharmaceutical during the fourth quarter worth about $802,000. Wells Fargo & Company MN grew its holdings in Biohaven Pharmaceutical by 38.2% during the first quarter. Wells Fargo & Company MN now owns 41,184 shares of the company’s stock worth $1,060,000 after acquiring an additional 11,373 shares during the period. Rhumbline Advisers grew its holdings in Biohaven Pharmaceutical by 218.4% during the first quarter. Rhumbline Advisers now owns 27,933 shares of the company’s stock worth $720,000 after acquiring an additional 19,160 shares during the period. Finally, State Board of Administration of Florida Retirement System acquired a new position in Biohaven Pharmaceutical during the first quarter worth about $329,000. Institutional investors and hedge funds own 77.44% of the company’s stock.
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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