Biohaven (NYSE:BHVN) Trading Down 6.1% – Should You Sell?

Biohaven Ltd. (NYSE:BHVN)’s share price fell 6.1% on Tuesday . The company traded as low as $38.57 and last traded at $38.90. 747,849 shares were traded during mid-day trading, a decline of 33% from the average session volume of 1,115,819 shares. The stock had previously closed at $41.44.

Wall Street Analysts Forecast Growth

BHVN has been the topic of several recent research reports. Piper Sandler increased their target price on Biohaven from $66.00 to $76.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a research note on Tuesday. JPMorgan Chase & Co. lifted their target price on Biohaven from $55.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, October 3rd. Sanford C. Bernstein increased their price target on shares of Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Finally, TD Cowen boosted their price objective on shares of Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Biohaven has a consensus rating of “Buy” and a consensus target price of $63.00.

Biohaven Stock Performance

The stock has a market cap of $3.96 billion, a PE ratio of -4.18 and a beta of 1.24. The company’s 50-day moving average price is $48.47 and its two-hundred day moving average price is $41.87.

Biohaven (NYSE:BHVN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). Equities research analysts forecast that Biohaven Ltd. will post -8.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Gregory Bailey purchased 5,000 shares of Biohaven stock in a transaction that occurred on Tuesday, September 24th. The shares were acquired at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the transaction, the director now directly owns 1,620,071 shares in the company, valued at $71,590,937.49. The trade was a 0.31 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John W. Childs acquired 21,052 shares of the stock in a transaction on Wednesday, October 2nd. The stock was bought at an average price of $47.50 per share, with a total value of $999,970.00. Following the transaction, the director now directly owns 21,052 shares of the company’s stock, valued at approximately $999,970. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Algert Global LLC increased its holdings in Biohaven by 5.9% during the 2nd quarter. Algert Global LLC now owns 7,402 shares of the company’s stock valued at $257,000 after purchasing an additional 412 shares during the period. Franklin Resources Inc. grew its position in shares of Biohaven by 0.5% in the 3rd quarter. Franklin Resources Inc. now owns 79,705 shares of the company’s stock worth $4,206,000 after buying an additional 412 shares during the last quarter. KBC Group NV increased its stake in shares of Biohaven by 24.5% during the third quarter. KBC Group NV now owns 2,250 shares of the company’s stock valued at $112,000 after buying an additional 443 shares during the period. Hsbc Holdings PLC raised its holdings in shares of Biohaven by 6.1% during the second quarter. Hsbc Holdings PLC now owns 8,291 shares of the company’s stock valued at $286,000 after acquiring an additional 480 shares in the last quarter. Finally, Venturi Wealth Management LLC lifted its stake in Biohaven by 19.1% in the third quarter. Venturi Wealth Management LLC now owns 3,117 shares of the company’s stock worth $156,000 after acquiring an additional 500 shares during the period. Institutional investors own 88.78% of the company’s stock.

About Biohaven

Biohaven Ltd., together with its subsidiaries, focuses on discovering, developing, and commercializing therapies for immunology, neuroscience, and oncology worldwide. The company's pipeline products include Troriluzole, which is in Phase 3 clinical trial for the treatment of neurological and neuropsychiatric illnesses; BHV-5500 that blocks glutamate signaling mediated by post-synaptic NMDA receptors; Taldefgrobep Alfa, which is in Phase 3 clinical trial for the treatment of spinal muscular atrophy and obesity; BHV-7000, a candidate in Phase 2/3 clinical trials for the treatment of focal and generalized epilepsy, bipolar disorder, and major depressive disorder; BHV-2100 that is in Phase 1 clinical trials for the treatment of migraines and neuropathic pain; and BHV-8000, a product candidate in Phase 1 clinical trials for the treatment of early Alzheimer's and Parkinson's disease, sclerosis, and amyloid-related imaging abnormalities.