Biohaven (NYSE:BHVN) Shares Down 6.1% on Disappointing Earnings

Shares of Biohaven Ltd. (NYSE:BHVN) were down 6.1% during mid-day trading on Monday following a weaker than expected earnings announcement. The stock traded as low as $34.27 and last traded at $34.91. Approximately 385,353 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 853,036 shares. The stock had previously closed at $37.18.

The company reported ($1.85) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.56) by ($0.29).

Wall Street Analyst Weigh In

BHVN has been the topic of a number of recent research reports. HC Wainwright reiterated a “buy” rating and set a $59.00 price target on shares of Biohaven in a research note on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Biohaven in a research note on Tuesday, February 11th. They issued a “buy” rating and a $65.00 target price on the stock. Royal Bank of Canada restated an “outperform” rating and set a $61.00 price target (up previously from $58.00) on shares of Biohaven in a research note on Wednesday, December 4th. TD Cowen upped their price objective on Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a research report on Tuesday, December 17th. Fourteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $63.15.

Insider Activity at Biohaven

In related news, Director John W. Childs acquired 29,000 shares of Biohaven stock in a transaction on Monday, December 30th. The stock was purchased at an average cost of $35.94 per share, with a total value of $1,042,260.00. Following the completion of the transaction, the director now directly owns 2,368,741 shares in the company, valued at $85,132,551.54. This trade represents a 1.24 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 16.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Biohaven

A number of hedge funds have recently bought and sold shares of BHVN. US Bancorp DE grew its position in Biohaven by 57.1% in the third quarter. US Bancorp DE now owns 2,173 shares of the company’s stock valued at $109,000 after acquiring an additional 790 shares during the last quarter. SpiderRock Advisors LLC bought a new stake in Biohaven during the 3rd quarter worth $620,000. Venturi Wealth Management LLC increased its holdings in Biohaven by 19.1% in the 3rd quarter. Venturi Wealth Management LLC now owns 3,117 shares of the company’s stock worth $156,000 after purchasing an additional 500 shares in the last quarter. Victory Capital Management Inc. raised its position in Biohaven by 67.1% in the third quarter. Victory Capital Management Inc. now owns 363,615 shares of the company’s stock valued at $18,170,000 after purchasing an additional 145,960 shares during the last quarter. Finally, KBC Group NV boosted its stake in shares of Biohaven by 24.5% during the third quarter. KBC Group NV now owns 2,250 shares of the company’s stock valued at $112,000 after purchasing an additional 443 shares in the last quarter. 88.78% of the stock is owned by institutional investors.

Biohaven Price Performance

The company has a fifty day moving average price of $38.24 and a two-hundred day moving average price of $42.77. The company has a market capitalization of $3.23 billion, a P/E ratio of -3.41 and a beta of 1.28.

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.