Biohaven (NYSE:BHVN) Sets New 12-Month Low – Here’s What Happened

Biohaven Ltd. (NYSE:BHVN)’s stock price reached a new 52-week low during trading on Thursday . The stock traded as low as $14.69 and last traded at $14.76, with a volume of 274027 shares traded. The stock had previously closed at $15.06.

Analyst Upgrades and Downgrades

BHVN has been the subject of several research analyst reports. Morgan Stanley dropped their target price on shares of Biohaven from $69.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, March 7th. Royal Bank of Canada lowered shares of Biohaven from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $54.00 to $21.00 in a research note on Monday, May 19th. HC Wainwright reiterated a “buy” rating and issued a $54.00 price target on shares of Biohaven in a research note on Tuesday, March 4th. Cantor Fitzgerald upgraded shares of Biohaven to a “strong-buy” rating in a research note on Tuesday, May 13th. Finally, Deutsche Bank Aktiengesellschaft set a $60.00 price target on shares of Biohaven and gave the stock a “buy” rating in a research note on Thursday, March 20th. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $59.46.

Biohaven Stock Performance

The company’s 50-day moving average is $19.56 and its 200 day moving average is $31.82. The company has a market capitalization of $1.51 billion, a PE ratio of -1.59 and a beta of 1.18.

Biohaven (NYSE:BHVN) last announced its quarterly earnings data on Monday, May 12th. The company reported ($2.17) EPS for the quarter, missing the consensus estimate of ($1.67) by ($0.50). On average, analysts forecast that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Insider Activity

In related news, Director John W. Childs purchased 32,700 shares of the company’s stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average price of $30.47 per share, with a total value of $996,369.00. Following the acquisition, the director now directly owns 2,320,571 shares in the company, valued at $70,707,798.37. The trade was a 1.43% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 16.00% of the company’s stock.

Institutional Trading of Biohaven

Institutional investors have recently made changes to their positions in the stock. SVB Wealth LLC purchased a new stake in shares of Biohaven during the 1st quarter valued at about $25,000. Parallel Advisors LLC boosted its holdings in shares of Biohaven by 319.8% in the first quarter. Parallel Advisors LLC now owns 1,360 shares of the company’s stock worth $33,000 after buying an additional 1,036 shares during the last quarter. Spire Wealth Management purchased a new position in shares of Biohaven in the fourth quarter worth approximately $56,000. PNC Financial Services Group Inc. boosted its holdings in shares of Biohaven by 53.7% in the first quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company’s stock worth $43,000 after buying an additional 623 shares during the last quarter. Finally, IFP Advisors Inc boosted its holdings in shares of Biohaven by 84,800.0% in the first quarter. IFP Advisors Inc now owns 2,547 shares of the company’s stock worth $61,000 after buying an additional 2,544 shares during the last quarter. Hedge funds and other institutional investors own 88.78% of the company’s stock.

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.