Biohaven (NYSE:BHVN) Trading Down 5.4% – Here’s Why

Biohaven Ltd. (NYSE:BHVN)’s stock price traded down 5.4% on Friday . The stock traded as low as $14.11 and last traded at $14.30. 697,257 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 1,620,383 shares. The stock had previously closed at $15.11.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on BHVN shares. William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research note on Thursday, April 24th. JPMorgan Chase & Co. decreased their target price on shares of Biohaven from $68.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 18th. Robert W. Baird decreased their target price on shares of Biohaven from $60.00 to $57.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Royal Bank Of Canada cut shares of Biohaven from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $54.00 to $21.00 in a research note on Monday, May 19th. Finally, Cantor Fitzgerald upgraded shares of Biohaven to a “strong-buy” rating in a research note on Tuesday, May 13th. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $58.46.

Biohaven Stock Down 7.1%

The company has a market cap of $1.43 billion, a PE ratio of -1.50 and a beta of 0.91. The firm has a 50 day simple moving average of $15.31 and a 200-day simple moving average of $25.15.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, May 12th. The company reported ($2.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.50). As a group, equities analysts anticipate that Biohaven Ltd. will post -8.9 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BHVN. Weybosset Research & Management LLC grew its holdings in Biohaven by 14.2% in the 2nd quarter. Weybosset Research & Management LLC now owns 19,280 shares of the company’s stock valued at $272,000 after buying an additional 2,400 shares in the last quarter. Inspire Investing LLC raised its position in Biohaven by 30.8% in the 1st quarter. Inspire Investing LLC now owns 14,249 shares of the company’s stock valued at $343,000 after purchasing an additional 3,354 shares in the last quarter. Rhumbline Advisers raised its position in Biohaven by 6.2% in the 1st quarter. Rhumbline Advisers now owns 124,839 shares of the company’s stock valued at $3,001,000 after purchasing an additional 7,244 shares in the last quarter. Strs Ohio acquired a new stake in Biohaven in the 1st quarter valued at about $322,000. Finally, Intech Investment Management LLC lifted its stake in Biohaven by 80.3% during the first quarter. Intech Investment Management LLC now owns 61,598 shares of the company’s stock worth $1,481,000 after purchasing an additional 27,433 shares during the last quarter. 88.78% of the stock is 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.