Biohaven (NYSE:BHVN) Trading Down 4.6%

Biohaven Ltd. (NYSE:BHVN)’s share price traded down 4.6% during trading on Monday . The stock traded as low as $36.19 and last traded at $37.12. 170,790 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 1,209,238 shares. The stock had previously closed at $38.91.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BHVN. Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a report on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $59.00 target price on shares of Biohaven in a report on Thursday, May 30th. Morgan Stanley started coverage on shares of Biohaven in a research report on Wednesday, July 24th. They issued an “overweight” rating and a $58.00 price objective on the stock. UBS Group lifted their price objective on Biohaven from $59.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $59.00 price target on shares of Biohaven in a research note on Tuesday, June 18th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $55.13.

Biohaven Price Performance

The company has a 50-day moving average of $35.65 and a two-hundred day moving average of $42.75. The stock has a market capitalization of $3.25 billion, a PE ratio of -5.35 and a beta of 1.32.

Biohaven (NYSE:BHVN) last released its earnings results on Thursday, August 8th. The company reported ($3.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.72) by ($1.92). On average, research analysts forecast that Biohaven Ltd. will post -7.09 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director John W. Childs bought 28,400 shares of the company’s stock in a transaction that occurred on Thursday, July 18th. The shares were acquired at an average cost of $35.67 per share, for a total transaction of $1,013,028.00. Following the acquisition, the director now owns 2,339,741 shares in the company, valued at approximately $83,458,561.47. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. In other Biohaven news, Director John W. Childs purchased 28,400 shares of Biohaven stock in a transaction that occurred on Thursday, July 18th. The stock was purchased at an average price of $35.67 per share, with a total value of $1,013,028.00. Following the completion of the acquisition, the director now owns 2,339,741 shares of the company’s stock, valued at approximately $83,458,561.47. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John W. Childs acquired 28,000 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were acquired at an average price of $35.58 per share, for a total transaction of $996,240.00. Following the completion of the acquisition, the director now directly owns 2,311,341 shares in the company, valued at $82,237,512.78. The disclosure for this purchase can be found here. 16.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Biohaven

Several institutional investors have recently modified their holdings of the company. Hsbc Holdings PLC increased 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 purchasing an additional 480 shares during the period. Canton Hathaway LLC increased its stake in Biohaven by 2.3% during the 2nd quarter. Canton Hathaway LLC now owns 21,850 shares of the company’s stock valued at $758,000 after buying an additional 500 shares during the period. Arizona State Retirement System boosted its holdings in shares of Biohaven by 3.7% in the second quarter. Arizona State Retirement System now owns 20,575 shares of the company’s stock valued at $714,000 after acquiring an additional 730 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Biohaven by 4.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,431 shares of the company’s stock valued at $605,000 after acquiring an additional 778 shares during the period. Finally, Commonwealth Equity Services LLC raised its holdings in Biohaven by 7.3% during the first quarter. Commonwealth Equity Services LLC now owns 12,188 shares of the company’s stock worth $667,000 after purchasing an additional 830 shares in the last quarter. 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.