Biohaven (NYSE:BHVN) Shares Gap Down – Time to Sell?

Biohaven Ltd. (NYSE:BHVN) shares gapped down prior to trading on Wednesday . The stock had previously closed at $8.52, but opened at $7.77. Biohaven shares last traded at $7.9780, with a volume of 4,660,949 shares.

Wall Street Analyst Weigh In

A number of research firms recently commented on BHVN. Weiss Ratings reiterated a “sell (e+)” rating on shares of Biohaven in a research report on Wednesday, October 8th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Biohaven in a research report on Wednesday, November 5th. Royal Bank Of Canada dropped their price objective on shares of Biohaven from $19.00 to $9.00 and set a “sector perform” rating on the stock in a report on Thursday, November 6th. Robert W. Baird set a $42.00 target price on shares of Biohaven in a research report on Wednesday, November 5th. Finally, BTIG Research reduced their target price on shares of Biohaven from $33.00 to $16.00 and set a “buy” rating for the company in a report on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $34.21.

Biohaven Trading Down 4.9%

The firm has a market cap of $856.91 million, a P/E ratio of -1.06 and a beta of 1.10. The stock has a 50 day simple moving average of $14.84 and a 200-day simple moving average of $15.42. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 1.91.

Biohaven (NYSE:BHVN) last issued its quarterly earnings data on Monday, November 10th. The company reported ($1.64) earnings per share for the quarter, topping the consensus estimate of ($1.91) by $0.27. On average, equities research analysts expect that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Institutional Investors Weigh In On Biohaven

Several hedge funds and other institutional investors have recently made changes to their positions in the company. SVB Wealth LLC bought a new stake in shares of Biohaven in the 1st quarter worth about $25,000. PNC Financial Services Group Inc. raised its position in Biohaven by 113.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company’s stock worth $36,000 after purchasing an additional 1,268 shares during the period. PFS Partners LLC bought a new stake in Biohaven in the third quarter worth about $60,000. IFP Advisors Inc lifted its stake in 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 purchasing an additional 2,544 shares during the last quarter. Finally, Elkhorn Partners Limited Partnership boosted its position in shares of Biohaven by 26.1% during the second quarter. Elkhorn Partners Limited Partnership now owns 5,800 shares of the company’s stock valued at $82,000 after buying an additional 1,200 shares during the period. 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.