Biohaven (NYSE:BHVN) Shares Down 6.4% – Here’s Why

Biohaven Ltd. (NYSE:BHVN)’s share price was down 6.4% during trading on Tuesday . The company traded as low as $35.05 and last traded at $35.09. Approximately 531,205 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 995,674 shares. The stock had previously closed at $37.48.

Analyst Ratings Changes

A number of analysts have recently weighed in on BHVN shares. 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. TD Cowen upped their price target on Biohaven from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Robert W. Baird increased their price objective on Biohaven from $58.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. Sanford C. Bernstein boosted their target price on Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Finally, HC Wainwright reiterated a “buy” rating and issued a $59.00 price target on shares of Biohaven in a research note on Tuesday, December 17th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Biohaven has an average rating of “Buy” and an average price target of $63.00.

Biohaven Trading Down 0.7 %

The firm has a market capitalization of $3.63 billion, a PE ratio of -3.84 and a beta of 1.29. The firm’s fifty day moving average price is $41.64 and its 200 day moving average price is $42.24.

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

Insider Buying and Selling

In other news, Director John W. Childs acquired 29,000 shares of the business’s stock in a transaction on Monday, December 30th. The stock was bought at an average price of $35.94 per share, with a total value of $1,042,260.00. Following the completion of the acquisition, the director now owns 2,368,741 shares of the company’s stock, valued at approximately $85,132,551.54. This represents a 1.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 16.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Biohaven

Institutional investors have recently modified their holdings of the business. Farallon Capital Management LLC boosted its position in Biohaven by 181.4% during the second quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock worth $78,028,000 after purchasing an additional 1,449,000 shares in the last quarter. Point72 Asset Management L.P. lifted its position in shares of Biohaven by 745.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company’s stock valued at $74,969,000 after buying an additional 1,322,922 shares in the last quarter. Armistice Capital LLC grew its stake in Biohaven by 74.8% in the 2nd quarter. Armistice Capital LLC now owns 1,396,968 shares of the company’s stock valued at $48,489,000 after acquiring an additional 597,705 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Biohaven by 563.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 508,622 shares of the company’s stock worth $25,416,000 after acquiring an additional 431,954 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Biohaven by 85.4% during the third quarter. JPMorgan Chase & Co. now owns 809,448 shares of the company’s stock worth $40,448,000 after acquiring an additional 372,737 shares during the period. 88.78% of the stock is currently owned by institutional investors and hedge funds.

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.