Biohaven Ltd. (NYSE:BHVN) Sees Significant Decline in Short Interest

Biohaven Ltd. (NYSE:BHVN) saw a large drop in short interest in January. As of January 31st, there was short interest totalling 9,440,000 shares, a drop of 5.0% from the January 15th total of 9,940,000 shares. Based on an average daily trading volume, of 972,100 shares, the short-interest ratio is presently 9.7 days.

Analyst Upgrades and Downgrades

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

Insider Activity at Biohaven

In other Biohaven news, Director John W. Childs acquired 29,000 shares of the business’s stock in a transaction dated Monday, December 30th. The stock was bought at an average price of $35.94 per share, with a total value of $1,042,260.00. Following the purchase, the director now owns 2,368,741 shares of the company’s stock, valued at approximately $85,132,551.54. This trade represents a 1.24 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 16.00% of the stock is currently owned by insiders.

Institutional Trading of Biohaven

Several institutional investors and hedge funds have recently bought and sold shares of the stock. SpiderRock Advisors LLC bought a new stake in shares of Biohaven during the third quarter valued at approximately $620,000. Citigroup Inc. boosted its holdings in shares of Biohaven by 125.8% during the 3rd quarter. Citigroup Inc. now owns 119,905 shares of the company’s stock valued at $5,992,000 after buying an additional 66,801 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Biohaven during the 3rd quarter valued at $1,339,000. JPMorgan Chase & Co. grew its position in shares of Biohaven by 85.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 809,448 shares of the company’s stock worth $40,448,000 after buying an additional 372,737 shares during the period. Finally, XTX Topco Ltd increased its stake in shares of Biohaven by 278.5% in the 3rd quarter. XTX Topco Ltd now owns 32,510 shares of the company’s stock worth $1,625,000 after acquiring an additional 23,921 shares in the last quarter. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

Biohaven Trading Down 0.6 %

NYSE:BHVN opened at $39.16 on Thursday. The company has a 50-day moving average price of $38.39 and a 200-day moving average price of $42.71. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of -4.19 and a beta of 1.28. Biohaven has a 12 month low of $26.80 and a 12 month high of $62.21.

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.