Biohaven (NYSE:BHVN) Shares Gap Down – Time to Sell?

Biohaven Ltd. (NYSE:BHVN) shares gapped down prior to trading on Friday . The stock had previously closed at $39.17, but opened at $36.98. Biohaven shares last traded at $36.65, with a volume of 313,720 shares traded.

Analyst Ratings Changes

Several research firms have commented on BHVN. Leerink Partners lifted their price target on shares of Biohaven from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. Robert W. Baird lifted their target price on shares of Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Bank of America upped their price target on shares of Biohaven from $52.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Sanford C. Bernstein lifted their price objective on Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Finally, TD Cowen increased their target price on Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Biohaven currently has an average rating of “Buy” and a consensus target price of $63.00.

Biohaven Stock Down 2.7 %

The firm’s fifty day moving average is $43.19 and its two-hundred day moving average is $42.19. The firm has a market cap of $3.86 billion, a P/E ratio of -4.08 and a beta of 1.29.

Biohaven (NYSE:BHVN) last announced its earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). As a group, sell-side analysts forecast that Biohaven Ltd. will post -8.85 EPS for the current year.

Insiders Place Their Bets

In other Biohaven news, Director John W. Childs acquired 29,000 shares of the business’s stock in a transaction on Monday, December 30th. The shares were acquired at an average price of $35.94 per share, for a total transaction of $1,042,260.00. Following the completion of the acquisition, the director now owns 2,368,741 shares in the company, valued at $85,132,551.54. This trade represents a 1.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

Several large investors have recently made changes to their positions in BHVN. SpiderRock Advisors LLC purchased a new position in Biohaven during the third quarter valued at $620,000. Citigroup Inc. increased its holdings in shares of Biohaven by 125.8% during the third quarter. Citigroup Inc. now owns 119,905 shares of the company’s stock valued at $5,992,000 after acquiring an additional 66,801 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Biohaven in the 3rd quarter worth about $1,339,000. JPMorgan Chase & Co. boosted its stake in Biohaven by 85.4% in the 3rd 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 in the last quarter. Finally, XTX Topco Ltd grew its position in Biohaven by 278.5% during the 3rd quarter. XTX Topco Ltd now owns 32,510 shares of the company’s stock valued at $1,625,000 after purchasing an additional 23,921 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.