Biohaven (NYSE:BHVN) Shares Gap Down After Analyst Downgrade

Biohaven Ltd. (NYSE:BHVN) shares gapped down prior to trading on Monday after Royal Bank of Canada lowered their price target on the stock from $66.00 to $58.00. The stock had previously closed at $45.59, but opened at $40.80. Royal Bank of Canada currently has an outperform rating on the stock. Biohaven shares last traded at $43.21, with a volume of 362,520 shares.

BHVN has been the topic of several other research reports. Leerink Partners boosted their target price on shares of Biohaven from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. HC Wainwright reissued a “buy” rating and issued a $59.00 target price on shares of Biohaven in a report on Thursday, November 14th. Jefferies Financial Group began coverage on shares of Biohaven in a research report on Monday, September 16th. They issued a “buy” rating and a $57.00 price target on the stock. Piper Sandler boosted their price target on shares of Biohaven from $66.00 to $76.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Finally, Robert W. Baird boosted their price target on shares of Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Biohaven has an average rating of “Buy” and an average target price of $62.75.

Insider Activity

In related news, Director John W. Childs purchased 21,052 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was bought at an average price of $47.50 per share, with a total value of $999,970.00. Following the acquisition, the director now owns 21,052 shares in the company, valued at $999,970. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory Bailey bought 5,000 shares of the stock in a transaction on Tuesday, September 24th. The shares were acquired at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the purchase, the director now owns 1,620,071 shares in the company, valued at $71,590,937.49. The trade was a 0.31 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Stifel Financial Corp boosted its stake in Biohaven by 0.4% during the 3rd quarter. Stifel Financial Corp now owns 6,509,261 shares of the company’s stock worth $325,268,000 after purchasing an additional 28,684 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Biohaven by 280.5% during the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock valued at $345,031,000 after acquiring an additional 4,650,702 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Biohaven by 5.6% during the 3rd quarter. Janus Henderson Group PLC now owns 6,226,393 shares of the company’s stock valued at $311,142,000 after acquiring an additional 328,099 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Biohaven by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,347,022 shares of the company’s stock valued at $183,050,000 after acquiring an additional 212,699 shares during the last quarter. Finally, Farallon Capital Management LLC boosted its position in shares of Biohaven by 181.4% during the 2nd quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock valued at $78,028,000 after acquiring an additional 1,449,000 shares during the last quarter. Institutional investors and hedge funds own 88.78% of the company’s stock.

Biohaven Stock Performance

The firm’s 50-day moving average price is $49.10 and its two-hundred day moving average price is $41.10. The stock has a market cap of $4.57 billion, a price-to-earnings ratio of -4.84 and a beta of 1.31.

Biohaven (NYSE:BHVN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.67) by ($0.03). As a group, sell-side analysts expect that Biohaven Ltd. will post -8.85 earnings per share for the current fiscal year.

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.