Biohaven (NYSE:BHVN) Stock Price Down 3.7%

Biohaven Ltd. (NYSE:BHVN)’s stock price dropped 3.7% on Tuesday . The stock traded as low as $43.87 and last traded at $44.24. Approximately 625,762 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 1,172,825 shares. The stock had previously closed at $45.94.

Analysts Set New Price Targets

A number of analysts recently commented on BHVN shares. UBS Group decreased their target price on Biohaven from $55.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Sanford C. Bernstein upped their price objective on shares of Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday. Piper Sandler increased their price target on shares of Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a research report on Monday. Morgan Stanley initiated coverage on shares of Biohaven in a report on Wednesday, July 24th. They set an “overweight” rating and a $58.00 target price on the stock. Finally, Jefferies Financial Group assumed coverage on shares of Biohaven in a research report on Monday, September 16th. They set a “buy” rating and a $57.00 price target for the company. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $60.92.

Biohaven Price Performance

The company has a market capitalization of $3.93 billion, a P/E ratio of -6.50 and a beta of 1.30. The company has a 50 day moving average of $38.50 and a 200-day moving average of $40.74.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($3.64) earnings per share for the quarter, missing the consensus estimate of ($1.72) by ($1.92). Research analysts predict that Biohaven Ltd. will post -8.92 EPS for the current fiscal year.

Insider Buying and Selling at Biohaven

In related news, Director John W. Childs purchased 28,400 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were purchased at an average price of $35.67 per share, with a total value of $1,013,028.00. Following the acquisition, the director now directly owns 2,339,741 shares in the company, valued at approximately $83,458,561.47. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 16.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Biohaven

Institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its stake in Biohaven by 47.6% in the 4th quarter. Principal Financial Group Inc. now owns 27,935 shares of the company’s stock worth $1,196,000 after buying an additional 9,005 shares in the last quarter. TD Asset Management Inc boosted its position in shares of Biohaven by 31.0% during the fourth quarter. TD Asset Management Inc now owns 276,172 shares of the company’s stock worth $11,820,000 after acquiring an additional 65,426 shares during the last quarter. Stifel Financial Corp grew its stake in Biohaven by 7.9% during the fourth quarter. Stifel Financial Corp now owns 6,225,811 shares of the company’s stock valued at $266,465,000 after acquiring an additional 456,062 shares in the last quarter. Capstone Investment Advisors LLC bought a new stake in Biohaven in the 4th quarter valued at $235,000. Finally, Prevail Innovative Wealth Advisors LLC purchased a new stake in Biohaven in the 4th quarter worth $230,000. 88.78% of the stock is owned by institutional investors.

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.