Biohaven (NYSE:BHVN) Shares Gap Down After Analyst Downgrade

Biohaven Ltd. (NYSE:BHVN) gapped down prior to trading on Monday after Royal Bank of Canada lowered their price target on the stock from $66.00 to $58.00. The stock had previously closed at $45.59, but opened at $40.80. Royal Bank of Canada currently has an outperform rating on the stock. Biohaven shares last traded at $43.21, with a volume of 362,520 shares changing hands.

A number of other research firms have also recently issued reports on BHVN. Leerink Partners boosted their target price on Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. Jefferies Financial Group began coverage on Biohaven in a research report on Monday, September 16th. They issued a “buy” rating and a $57.00 price objective for the company. Piper Sandler raised their target price on shares of Biohaven from $66.00 to $76.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Robert W. Baird upped their price target on shares of Biohaven from $58.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Biohaven from $55.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, October 3rd. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Biohaven has a consensus rating of “Buy” and an average price target of $62.75.

Insiders Place Their Bets

In other Biohaven news, Director John W. Childs purchased 21,052 shares of Biohaven stock in a transaction that occurred on Wednesday, October 2nd. The stock was acquired at an average price 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 of the company’s stock, valued at approximately $999,970. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gregory Bailey purchased 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 24th. The stock was acquired at an average price of $44.19 per share, for a total transaction of $220,950.00. Following the purchase, the director now owns 1,620,071 shares in the company, valued at $71,590,937.49. This trade represents a 0.31 % increase in their position. The disclosure for this purchase can be found here. Insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

Several institutional investors and hedge funds have recently modified their holdings of BHVN. Sei Investments Co. boosted its holdings in shares of Biohaven by 25.4% during the 1st quarter. Sei Investments Co. now owns 18,440 shares of the company’s stock worth $1,008,000 after buying an additional 3,730 shares during the period. Vanguard Group Inc. increased its stake in shares of Biohaven by 280.5% during the first quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock worth $345,031,000 after purchasing an additional 4,650,702 shares during the period. Advisors Asset Management Inc. increased its stake in shares of Biohaven by 93.4% during the first quarter. Advisors Asset Management Inc. now owns 14,273 shares of the company’s stock worth $781,000 after purchasing an additional 6,893 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in Biohaven by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,347,022 shares of the company’s stock worth $183,050,000 after purchasing an additional 212,699 shares during the last quarter. Finally, Kennedy Capital Management LLC bought a new stake in Biohaven in the 1st quarter valued at $12,099,000. 88.78% of the stock is currently owned by institutional investors and hedge funds.

Biohaven Stock Performance

The stock has a market capitalization of $4.59 billion, a price-to-earnings ratio of -4.99 and a beta of 1.31. The business has a fifty day simple moving average of $49.10 and a 200 day simple moving average of $41.10.

Biohaven (NYSE:BHVN) last released its quarterly 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, sell-side analysts forecast that Biohaven Ltd. will post -8.85 earnings per share for the current fiscal year.

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.