Biohaven (NYSE:BHVN) Shares Gap Down – What’s Next?

Biohaven Ltd. (NYSE:BHVN)’s share price gapped down prior to trading on Monday . The stock had previously closed at $38.47, but opened at $37.50. Biohaven shares last traded at $38.41, with a volume of 372,599 shares traded.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on BHVN. Royal Bank of Canada restated an “outperform” rating and issued a $61.00 price target (up from $58.00) on shares of Biohaven in a report on Wednesday, December 4th. Jefferies Financial Group started coverage on Biohaven in a report on Monday, September 16th. They issued a “buy” rating and a $57.00 price target for the company. Leerink Partners increased their price objective on Biohaven from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. TD Cowen increased their price objective on Biohaven from $55.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Robert W. Baird increased their price objective on Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $63.00.

Biohaven Price Performance

The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of -4.11 and a beta of 1.24. The firm has a 50-day moving average of $48.70 and a 200 day moving average of $41.83.

Biohaven (NYSE:BHVN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). On average, equities analysts forecast that Biohaven Ltd. will post -8.85 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Gregory Bailey acquired 5,000 shares of Biohaven stock in a transaction on Tuesday, September 24th. The shares were purchased at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the completion of the purchase, the director now directly owns 1,620,071 shares of the company’s stock, valued at approximately $71,590,937.49. This represents a 0.31 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John W. Childs acquired 21,052 shares of Biohaven stock in a transaction on Wednesday, October 2nd. The shares were purchased at an average price of $47.50 per share, for a total transaction of $999,970.00. Following the completion of the purchase, the director now directly owns 21,052 shares of the company’s stock, valued at approximately $999,970. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Biohaven

A number of large investors have recently bought and sold shares of BHVN. SpiderRock Advisors LLC acquired a new stake in shares of Biohaven in the 3rd quarter valued at approximately $620,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Biohaven in the 3rd quarter valued at approximately $1,339,000. Citigroup Inc. boosted its stake in shares of Biohaven by 125.8% in the 3rd quarter. Citigroup Inc. now owns 119,905 shares of the company’s stock valued at $5,992,000 after purchasing an additional 66,801 shares in the last quarter. XTX Topco Ltd boosted its stake in shares of Biohaven by 278.5% in 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 in the last quarter. Finally, Principal Financial Group Inc. boosted 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 valued at $2,744,000 after purchasing an additional 55,415 shares in the last quarter. 88.78% of the stock is currently owned by institutional investors and hedge funds.

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.