Biohaven (BHVN) Receives Price Target Increase of 24.1% After Strong Q3 Results

By Don Francis, Editor
November 16, 2023 7:09 AM UTC
Biohaven (BHVN) Receives Price Target Increase of 24.1% After Strong Q3 Results

Piper Sandler's Christopher Raymond raised their price target on Biohaven (NYSE: BHVN) by 24.1% from $29 to $36 on November 15, 2023. The analyst maintained their Strong Buy rating on the stock, citing the progress made across the company's preclinical and clinical pipelines. Raymond highlighted that the catalyst timing remained generally on track, which contributed to the updated price target.

In particular, Piper Sandler only assigns value to BHV-7000 in Biohaven's pipeline. Raymond noted that this particular drug represents a potential billion-dollar opportunity in the focal epilepsy market. With this promising outlook, Raymond's positive assessment of Biohaven's prospects is reflected in the Strong Buy rating.

Biohaven's recently released Q3 2023 earnings report revealed a loss per share of $1.44, which is a 15.2% decrease compared to the same period in 2022. The company also completed a public offering of 11,761,363 shares, including the exercise in full of the underwriters' option to purchase additional shares, at a price per share of $22. As of the end of the quarter, Biohaven had $495 million in cash and cash equivalents, which includes $242 million in proceeds from the public offering.

Commenting on the Q3 performance, Biohaven's Chairman & CEO, Vlad Coric, M.D., expressed satisfaction with the progress the company has made. Coric highlighted the advancements in multiple development programs and the innovation across the entire pipeline. Notably, he emphasized the potential of Biohaven's molecular degrader of extracellular proteins (MoDE™) program in the field of immunology. Coric also mentioned the positive data from ongoing studies with BHV-7000, the company's highly selective Kv7.2/7.3 activator for epilepsy, mood disorders, and pain.

Furthermore, it is worth noting that all top-rated analysts currently rate BHVN as a Strong Buy or Buy. There are no analysts who perceive it as a Hold, and there are no recommendations to sell the stock. The stock has also shown impressive year-over-year growth, with an increase of 87.1%. During the same period, BHVN has outpaced the S&P 500, which has risen by 13.8%.

Piper Sandler analyst Christopher Raymond, who raised the price target on Biohaven, is ranked in the top 22% out of 4,397 Wall Street analysts by WallStreetZen. Raymond specializes in the Healthcare sector and has an average return of 2.6% and a win rate of 44.9%.

Incorporated in 2013, Biohaven Pharmaceutical Holding Company Ltd. is a clinical-stage biopharmaceutical company focused on targeting neurological diseases, including rare disorders. The company's pipeline includes various drugs, such as BHV3000-301, BHV3000-302, BHV3000-303, among others. Biohaven has also entered into a collaboration agreement with Thirty Madison, Inc. d/b/a Cove to facilitate telemedicine evaluations for migraine sufferers. The company's headquarters are located in New Haven, CT.

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