Biohaven (NYSE:BHVN) Trading Down 6.1% – What’s Next?

Shares of Biohaven Ltd. (NYSE:BHVN) traded down 6.1% during mid-day trading on Tuesday . The company traded as low as $38.57 and last traded at $38.90. 747,849 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 1,115,819 shares. The stock had previously closed at $41.44.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BHVN. William Blair raised Biohaven to a “strong-buy” rating in a research report on Friday, August 30th. 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 target price on the stock. Piper Sandler lifted 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, September 23rd. Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a report on Tuesday. Finally, HC Wainwright reissued a “buy” rating and issued a $59.00 target price on shares of Biohaven in a report on Tuesday. Thirteen investment 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 company presently has a consensus rating of “Buy” and an average target price of $63.00.

Biohaven Trading Down 1.8 %

The business’s 50-day simple moving average is $47.88 and its 200 day simple moving average is $41.86. The firm has a market cap of $3.57 billion, a PE ratio of -3.78 and a beta of 1.24.

Biohaven (NYSE:BHVN) last released its earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing the consensus estimate of ($1.67) by ($0.03). Analysts expect that Biohaven Ltd. will post -8.85 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Biohaven

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Algert Global LLC boosted its holdings in Biohaven by 5.9% in the 2nd quarter. Algert Global LLC now owns 7,402 shares of the company’s stock valued at $257,000 after purchasing an additional 412 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Biohaven by 0.5% in the 3rd quarter. Franklin Resources Inc. now owns 79,705 shares of the company’s stock valued at $4,206,000 after purchasing an additional 412 shares during the last quarter. KBC Group NV raised its stake in Biohaven by 24.5% in the third quarter. KBC Group NV now owns 2,250 shares of the company’s stock valued at $112,000 after buying an additional 443 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Biohaven by 6.1% in the 2nd quarter. Hsbc Holdings PLC now owns 8,291 shares of the company’s stock valued at $286,000 after acquiring an additional 480 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its holdings in Biohaven by 19.1% in the third quarter. Venturi Wealth Management LLC now owns 3,117 shares of the company’s stock valued at $156,000 after purchasing an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 88.78% of the company’s stock.

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.