Biohaven (NYSE:BHVN) Stock Price Down 8% – Here’s What Happened

Biohaven Ltd. (NYSE:BHVN) shares fell 8% during trading on Friday . The stock traded as low as $44.68 and last traded at $44.76. 542,438 shares were traded during mid-day trading, a decline of 52% from the average session 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 research reports. UBS Group lowered their price objective on Biohaven from $55.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a report on Wednesday, October 23rd. Leerink Partners increased their price target on Biohaven from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. Bank of America upped their target price on shares of Biohaven from $52.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. lifted their price objective on Biohaven from $55.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, October 3rd. Thirteen equities research 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 an average target price of $63.42.

Biohaven Trading Down 9.6 %

The stock has a market cap of $4.45 billion, a price-to-earnings ratio of -4.75 and a beta of 1.31. The stock has a 50-day moving average price of $48.01 and a two-hundred day moving average price of $40.87.

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

Insiders Place Their Bets

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

Institutional Trading of Biohaven

Hedge funds have recently made changes to their positions in the business. Stifel Financial Corp raised its stake in shares of Biohaven by 0.4% in the third quarter. Stifel Financial Corp now owns 6,509,261 shares of the company’s stock valued at $325,268,000 after acquiring an additional 28,684 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Biohaven by 280.5% during the first quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock worth $345,031,000 after buying an additional 4,650,702 shares during the period. Janus Henderson Group PLC lifted its stake in Biohaven by 5.6% in the third quarter. Janus Henderson Group PLC now owns 6,226,393 shares of the company’s stock worth $311,142,000 after acquiring an additional 328,099 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Biohaven by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,347,022 shares of the company’s stock worth $183,050,000 after acquiring an additional 212,699 shares in the last quarter. Finally, Farallon Capital Management LLC raised its holdings in shares of Biohaven by 181.4% in the 2nd quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock valued at $78,028,000 after purchasing an additional 1,449,000 shares in 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.