Biohaven (NYSE:BHVN) Trading Down 8% – Should You Sell?

Biohaven Ltd. (NYSE:BHVN) shares dropped 8% during trading on Friday . The company traded as low as $44.68 and last traded at $44.76. Approximately 542,438 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 1,134,456 shares. The stock had previously closed at $48.66.

Analysts Set New Price Targets

BHVN has been the subject of a number of analyst reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a report on Wednesday, October 23rd. William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research note on Friday, August 30th. Royal Bank of Canada dropped their price target on shares of Biohaven from $68.00 to $66.00 and set an “outperform” rating on the stock in a research report on Wednesday. Piper Sandler upped their price objective on shares of Biohaven from $66.00 to $76.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Finally, Leerink Partners raised their target price on Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Biohaven currently has a consensus rating of “Buy” and an average target price of $63.42.

Biohaven Stock Performance

The stock has a market cap of $4.49 billion, a PE ratio of -4.75 and a beta of 1.31. The firm’s 50-day moving average is $48.16 and its 200 day moving average is $40.92.

Biohaven (NYSE:BHVN) last announced its earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing the consensus estimate of ($1.67) by ($0.03). On average, sell-side analysts predict that Biohaven Ltd. will post -8.81 EPS for the current fiscal year.

Insider Transactions at Biohaven

In other news, Director John W. Childs bought 21,052 shares of the stock in a transaction on Wednesday, October 2nd. The shares were bought at an average price of $47.50 per share, with a total value of $999,970.00. Following the completion of the acquisition, the director now owns 21,052 shares of the company’s stock, valued at approximately $999,970. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory Bailey acquired 5,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was acquired 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 owns 1,620,071 shares in the company, valued at $71,590,937.49. The trade was a 0.31 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BHVN. nVerses Capital LLC acquired a new stake in shares of Biohaven during the 3rd quarter worth about $50,000. Redwood Wealth Management Group LLC acquired a new stake in Biohaven during the second quarter worth approximately $61,000. Values First Advisors Inc. acquired a new stake in Biohaven during the third quarter worth approximately $78,000. US Bancorp DE grew its stake in Biohaven by 57.1% in the 3rd quarter. US Bancorp DE now owns 2,173 shares of the company’s stock worth $109,000 after acquiring an additional 790 shares during the period. Finally, KBC Group NV raised its holdings in Biohaven by 24.5% in the 3rd quarter. KBC Group NV now owns 2,250 shares of the company’s stock valued at $112,000 after acquiring an additional 443 shares during the last quarter. Institutional investors and hedge funds own 88.78% of the company’s stock.

Biohaven Company Profile

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.