Biohaven (NYSE:BHVN) Trading Down 8% – What’s Next?

Biohaven Ltd. (NYSE:BHVN) shares traded down 8% during trading on Friday . The company traded as low as $44.68 and last traded at $44.76. 542,438 shares changed hands during trading, a decline of 52% from the average session volume of 1,134,456 shares. The stock had previously closed at $48.66.

Wall Street Analyst Weigh In

BHVN has been the topic of a number of research analyst reports. TD Cowen upped their target price on Biohaven from $55.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday. Sanford C. Bernstein boosted their target price on Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Morgan Stanley assumed coverage on shares of Biohaven in a research report on Wednesday, July 24th. They set an “overweight” rating and a $58.00 price target on the stock. UBS Group decreased their price target on shares of Biohaven from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Biohaven from $55.00 to $68.00 and gave the company an “overweight” rating in a research note on Thursday, October 3rd. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $63.42.

Biohaven Price Performance

The stock has a market cap of $4.49 billion, a P/E ratio of -4.75 and a beta of 1.31. The stock’s 50-day moving average is $48.16 and its two-hundred day moving average is $40.92.

Biohaven (NYSE:BHVN) last posted its earnings results on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). On average, analysts anticipate that Biohaven Ltd. will post -8.81 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Biohaven

A number of hedge funds have recently made changes to their positions in the stock. nVerses Capital LLC acquired a new position in Biohaven during the 3rd quarter valued at about $50,000. Values First Advisors Inc. acquired a new position in shares of Biohaven during the third quarter valued at about $78,000. Redwood Wealth Management Group LLC acquired a new stake in Biohaven in the 2nd quarter worth approximately $61,000. US Bancorp DE grew its position in Biohaven by 57.1% during the 3rd quarter. US Bancorp DE now owns 2,173 shares of the company’s stock worth $109,000 after purchasing an additional 790 shares during the last quarter. Finally, KBC Group NV raised its holdings in shares of Biohaven by 24.5% in the third quarter. KBC Group NV now owns 2,250 shares of the company’s stock worth $112,000 after buying an additional 443 shares during the last quarter. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

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.