Biohaven (NYSE:BHVN) Stock Price Down 9.9% – Here’s What Happened

Biohaven Ltd. (NYSE:BHVN) shares dropped 9.9% on Monday . The stock traded as low as $24.42 and last traded at $24.91. Approximately 303,832 shares were traded during trading, a decline of 72% from the average daily volume of 1,068,588 shares. The stock had previously closed at $27.65.

Analysts Set New Price Targets

Several research firms have commented on BHVN. Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a report on Tuesday, December 17th. HC Wainwright reissued a “buy” rating and issued a $54.00 price objective on shares of Biohaven in a research note on Tuesday, March 4th. Royal Bank of Canada restated an “outperform” rating and set a $61.00 target price on shares of Biohaven in a research note on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft set a $60.00 price target on Biohaven and gave the company a “buy” rating in a research note on Thursday, March 20th. Finally, Morgan Stanley dropped their price objective on Biohaven from $69.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. Fourteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $62.77.

Biohaven Price Performance

The stock has a 50-day moving average price of $34.55 and a 200-day moving average price of $41.21. The company has a market capitalization of $2.31 billion, a P/E ratio of -2.42 and a beta of 1.27.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data on Monday, March 3rd. The company reported ($1.85) EPS for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.29). Sell-side analysts anticipate that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director John W. Childs bought 32,700 shares of the stock in a transaction dated Tuesday, March 4th. The shares were bought at an average cost of $30.47 per share, with a total value of $996,369.00. Following the completion of the transaction, the director now directly owns 2,320,571 shares of the company’s stock, valued at $70,707,798.37. This trade represents a 1.43 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Point72 Asset Management L.P. lifted its position in Biohaven by 745.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company’s stock valued at $74,969,000 after acquiring an additional 1,322,922 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Biohaven by 144.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,979,169 shares of the company’s stock worth $73,922,000 after acquiring an additional 1,169,721 shares during the last quarter. Norges Bank purchased a new stake in shares of Biohaven in the fourth quarter valued at about $33,711,000. Farallon Capital Management LLC boosted its holdings in Biohaven by 21.6% during the fourth quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company’s stock worth $165,392,000 after purchasing an additional 785,578 shares during the last quarter. Finally, Janus Henderson Group PLC increased its stake in Biohaven by 12.1% in the 4th quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company’s stock valued at $260,735,000 after buying an additional 756,032 shares during the last quarter. 88.78% of the stock is owned by 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.