Biohaven (NYSE:BHVN) Shares Down 6.4% – Should You Sell?

Biohaven Ltd. (NYSE:BHVN) shares fell 6.4% on Tuesday . The company traded as low as $35.05 and last traded at $35.09. 531,205 shares were traded during trading, a decline of 47% from the average session volume of 995,674 shares. The stock had previously closed at $37.48.

Analyst Ratings Changes

A number of brokerages have weighed in on BHVN. Robert W. Baird lifted their price target on shares of Biohaven from $58.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. Leerink Partners lifted their price objective on shares of Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a report on Tuesday, December 17th. TD Cowen lifted their price objective on shares of Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Sanford C. Bernstein lifted their price objective on shares of Biohaven from $55.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Biohaven presently has a consensus rating of “Buy” and an average price target of $63.00.

Biohaven Stock Performance

The stock has a market cap of $3.57 billion, a PE ratio of -3.78 and a beta of 1.29. The firm’s 50-day moving average is $42.65 and its 200 day moving average is $42.32.

Biohaven (NYSE:BHVN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.67) by ($0.03). On average, sell-side analysts predict that Biohaven Ltd. will post -8.85 EPS for the current fiscal year.

Insider Transactions at Biohaven

In other news, Director John W. Childs bought 29,000 shares of Biohaven stock in a transaction on Monday, December 30th. The shares were bought at an average cost of $35.94 per share, for a total transaction of $1,042,260.00. Following the acquisition, the director now owns 2,368,741 shares in the company, valued at approximately $85,132,551.54. This trade represents a 1.24 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BHVN. Farallon Capital Management LLC grew its position in shares of Biohaven by 181.4% during the second quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock worth $78,028,000 after buying an additional 1,449,000 shares in the last quarter. Point72 Asset Management L.P. lifted its stake in Biohaven by 745.9% during the third quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company’s stock worth $74,969,000 after purchasing an additional 1,322,922 shares during the last quarter. Armistice Capital LLC lifted its stake in Biohaven by 74.8% during the second quarter. Armistice Capital LLC now owns 1,396,968 shares of the company’s stock worth $48,489,000 after purchasing an additional 597,705 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Biohaven by 563.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 508,622 shares of the company’s stock worth $25,416,000 after purchasing an additional 431,954 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Biohaven by 85.4% during the third quarter. JPMorgan Chase & Co. now owns 809,448 shares of the company’s stock worth $40,448,000 after purchasing an additional 372,737 shares during the last quarter. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

Biohaven Company Profile

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.