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

Biohaven Ltd. (NYSE:BHVN)’s share price 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 equities research analysts have also recently weighed in on BHVN. TD Cowen lifted their price objective on Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Robert W. Baird lifted their target price on Biohaven from $58.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. HC Wainwright reissued a “buy” rating and set a $59.00 price target on shares of Biohaven in a research report on Thursday, November 14th. Sanford C. Bernstein raised their price objective on shares of Biohaven from $55.00 to $66.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Finally, UBS Group cut their target price 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. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $62.75.

Insider Buying and Selling at Biohaven

In other news, Director Gregory Bailey acquired 5,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The shares were bought at an average price of $44.19 per share, with a total value of $220,950.00. Following the completion of the acquisition, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John W. Childs acquired 21,052 shares of the firm’s stock in a transaction dated Wednesday, October 2nd. The stock was purchased at an average cost of $47.50 per share, with a total value of $999,970.00. Following the completion of the acquisition, the director now directly owns 21,052 shares of the company’s stock, valued at approximately $999,970. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

A number of hedge funds have recently added to or reduced their stakes in BHVN. Oak Ridge Investments LLC lifted its position in shares of Biohaven by 197.6% during the 2nd quarter. Oak Ridge Investments LLC now owns 22,000 shares of the company’s stock valued at $764,000 after acquiring an additional 14,607 shares during the period. CWM LLC increased its position in shares of Biohaven by 1,893.4% in the 2nd quarter. CWM LLC now owns 14,552 shares of the company’s stock worth $505,000 after purchasing an additional 13,822 shares during the last quarter. SpiderRock Advisors LLC bought a new position in shares of Biohaven during the third quarter worth about $620,000. Principal Financial Group Inc. lifted its stake in shares of Biohaven by 234.5% in the 2nd quarter. Principal Financial Group Inc. now owns 79,048 shares of the company’s stock worth $2,744,000 after acquiring an additional 55,415 shares during the period. Finally, Cadent Capital Advisors LLC bought a new stake in shares of Biohaven during the 3rd quarter worth $1,771,000. Institutional investors and hedge funds own 88.78% of the company’s stock.

Biohaven Stock Up 4.6 %

The stock has a market capitalization of $4.78 billion, a price-to-earnings ratio of -4.94 and a beta of 1.31. The firm has a 50-day moving average of $49.23 and a two-hundred day moving average of $41.13.

Biohaven (NYSE:BHVN) last released 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 predict that Biohaven Ltd. will post -8.85 EPS for the current 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.