Biohaven (NYSE:BHVN) Shares Down 7.4% – What’s Next?

Shares of Biohaven Ltd. (NYSE:BHVN) traded down 7.4% during mid-day trading on Thursday . The company traded as low as $15.50 and last traded at $15.7030. Approximately 699,601 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 2,627,393 shares. The stock had previously closed at $16.95.

Analysts Set New Price Targets

BHVN has been the subject of several recent analyst reports. Royal Bank Of Canada raised their target price on shares of Biohaven from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Tuesday, August 11th. Canaccord Genuity Group set a $21.00 price objective on Biohaven in a research note on Friday. TD Cowen restated a “buy” rating on shares of Biohaven in a research note on Wednesday. Morgan Stanley raised their price objective on Biohaven from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Wednesday, August 12th. Finally, Needham & Company LLC set a $11.00 target price on Biohaven in a research note on Monday, June 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.94.

Biohaven Trading Down 4.4%

The firm has a market capitalization of $2.33 billion, a P/E ratio of -3.32 and a beta of 1.26. The business’s 50-day moving average is $14.82 and its 200 day moving average is $11.88. The company has a debt-to-equity ratio of 21.23, a current ratio of 4.73 and a quick ratio of 4.73.

Biohaven (NYSE:BHVN) last announced its earnings results on Monday, August 10th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.15). As a group, analysts anticipate that Biohaven Ltd. will post -3.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Biohaven

A number of large investors have recently added to or reduced their stakes in BHVN. PNC Financial Services Group Inc. raised its holdings in Biohaven by 113.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company’s stock valued at $36,000 after acquiring an additional 1,268 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Biohaven by 55.4% during the 4th quarter. IFP Advisors Inc now owns 4,069 shares of the company’s stock worth $46,000 after purchasing an additional 1,450 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Biohaven by 178.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 4,031 shares of the company’s stock worth $46,000 after purchasing an additional 2,583 shares in the last quarter. Arax Advisory Partners increased its position in shares of Biohaven by 943.3% in the fourth quarter. Arax Advisory Partners now owns 4,914 shares of the company’s stock worth $55,000 after purchasing an additional 4,443 shares during the period. Finally, Essential Partners LLC increased its position in shares of Biohaven by 31.7% in the first quarter. Essential Partners LLC now owns 9,020 shares of the company’s stock worth $76,000 after purchasing an additional 2,169 shares during the period. Institutional investors and hedge funds 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.