Biohaven (NYSE:BHVN) Stock Price Down 8.9% – Time to Sell?

Biohaven Ltd. (NYSE:BHVN)’s stock price dropped 8.9% during mid-day trading on Wednesday . The company traded as low as $13.53 and last traded at $13.5340. 1,222,212 shares traded hands during trading, a decline of 55% from the average daily volume of 2,716,987 shares. The stock had previously closed at $14.85.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on BHVN shares. Bank of America reissued an “underperform” rating and issued a $11.00 price target (down from $12.00) on shares of Biohaven in a report on Monday, June 29th. Morgan Stanley lifted their target price on shares of Biohaven from $18.00 to $19.00 and gave the company an “overweight” rating in a research report on Wednesday, August 12th. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Biohaven in a research report on Friday, June 26th. Citigroup reaffirmed a “buy” rating on shares of Biohaven in a research note on Friday, September 18th. Finally, TD Cowen reissued a “buy” rating on shares of Biohaven in a report on Wednesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Biohaven presently has an average rating of “Moderate Buy” and a consensus target price of $18.69.

Biohaven Stock Down 8.1%

The company has a quick ratio of 4.73, a current ratio of 4.73 and a debt-to-equity ratio of 21.23. The firm has a market capitalization of $2.06 billion, a PE ratio of -2.94 and a beta of 1.28. The business has a 50-day moving average price of $14.38 and a 200-day moving average price of $12.22.

Biohaven (NYSE:BHVN) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.15). Equities research analysts forecast that Biohaven Ltd. will post -3.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Janus Henderson Group PLC increased its holdings in Biohaven by 1,145.9% in the 1st quarter. Janus Henderson Group PLC now owns 17,534,612 shares of the company’s stock valued at $148,214,000 after purchasing an additional 16,127,247 shares during the last quarter. BlackRock Inc. acquired a new position in Biohaven during the second quarter worth $196,574,000. Jupiter Topco LLC purchased a new position in shares of Biohaven during the second quarter worth $127,852,000. Stempoint Capital LP purchased a new position in shares of Biohaven during the first quarter worth $13,489,000. Finally, Bank of America Corp DE acquired a new stake in shares of Biohaven in the second quarter valued at $21,990,000. Institutional investors and hedge funds own 88.78% of the company’s stock.

About Biohaven

Biohaven Ltd. is a clinical-stage biopharmaceutical company focused on developing therapies for neurological and immunological disorders. The company’s research programs use a range of approaches, including small-molecule medicines, biologics and other targeted therapies, with the goal of addressing diseases that have limited or inadequate treatment options.

Biohaven’s pipeline has included investigational treatments for conditions such as epilepsy, obsessive-compulsive disorder, neurodegenerative diseases, neuroinflammatory disorders and immune-mediated diseases.