Biohaven (NYSE:BHVN) Trading Down 6.3% – What’s Next?

Biohaven Ltd. (NYSE:BHVN)’s stock price traded down 6.3% during mid-day trading on Thursday . The stock traded as low as $10.69 and last traded at $10.58. 318,335 shares were traded during mid-day trading, a decline of 87% from the average session volume of 2,365,171 shares. The stock had previously closed at $11.29.

Analysts Set New Price Targets

BHVN has been the topic of several recent analyst reports. Royal Bank Of Canada reduced their target price on Biohaven from $23.00 to $22.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 5th. Morgan Stanley cut their price objective on Biohaven from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. Raymond James Financial reiterated a “strong-buy” rating on shares of Biohaven in a research note on Wednesday. Leerink Partners restated an “outperform” rating and set a $15.00 price objective on shares of Biohaven in a research note on Tuesday, March 3rd. Finally, Citigroup raised their price objective on Biohaven from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.27.

Biohaven Stock Up 7.6%

The company has a current ratio of 7.41, a quick ratio of 7.41 and a debt-to-equity ratio of 1.87. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -1.94 and a beta of 1.32. The stock has a fifty day moving average of $9.52 and a 200-day moving average of $10.34.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, May 4th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.02). As a group, sell-side analysts expect that Biohaven Ltd. will post -3.01 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BHVN. Janus Henderson Group PLC grew its holdings in shares of Biohaven by 1,145.9% during the first quarter. Janus Henderson Group PLC now owns 17,534,612 shares of the company’s stock valued at $148,214,000 after buying an additional 16,127,247 shares in the last quarter. Suvretta Capital Management LLC grew its stake in Biohaven by 83.0% in the fourth quarter. Suvretta Capital Management LLC now owns 10,286,937 shares of the company’s stock valued at $116,140,000 after purchasing an additional 4,666,666 shares in the last quarter. Infinitum Asset Management LLC grew its stake in Biohaven by 267.6% in the fourth quarter. Infinitum Asset Management LLC now owns 6,250,000 shares of the company’s stock valued at $70,562,000 after purchasing an additional 4,550,000 shares in the last quarter. Stifel Financial Corp grew its stake in Biohaven by 50.3% in the fourth quarter. Stifel Financial Corp now owns 9,939,856 shares of the company’s stock valued at $112,221,000 after purchasing an additional 3,328,506 shares in the last quarter. Finally, Stempoint Capital LP purchased a new position in Biohaven in the first quarter valued at about $13,489,000. Hedge funds and other institutional investors own 88.78% of the company’s stock.

Biohaven Company Profile

Biohaven Ltd. (NYSE BHVN) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing therapies for neurological and neurovascular diseases. Founded in 2013 as a spin-out from Yale University, Biohaven focuses on addressing high-unmet medical needs through innovative small-molecule and peptide-based platforms. The company is headquartered in New Haven, Connecticut, and maintains research activities across the United States, with collaborative ties in Europe and Asia via strategic partnerships.

The company’s most advanced program centers on calcitonin gene-related peptide (CGRP) receptor antagonists for the acute and preventive treatment of migraine.