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

Shares of Biohaven Ltd. (NYSE:BHVN) 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 trading hands.

Several other equities analysts have also recently issued reports on the stock. William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research note on Friday, August 30th. Sanford C. Bernstein increased their target price on shares of Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. TD Cowen raised their target price on Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Robert W. Baird upped their price target on Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Finally, Piper Sandler increased their price target on Biohaven from $66.00 to $76.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Biohaven currently has an average rating of “Buy” and a consensus price target of $62.75.

Insider Transactions at Biohaven

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

Institutional Trading of Biohaven

Large investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC purchased a new stake in shares of Biohaven in the third quarter valued at about $50,000. Values First Advisors Inc. purchased a new stake in shares of Biohaven in the 3rd quarter valued at approximately $78,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Biohaven during the 2nd quarter worth approximately $61,000. US Bancorp DE increased its holdings in shares of Biohaven by 57.1% during the 3rd quarter. US Bancorp DE now owns 2,173 shares of the company’s stock worth $109,000 after buying an additional 790 shares during the last quarter. Finally, KBC Group NV raised its position in shares of Biohaven by 24.5% during the 3rd quarter. KBC Group NV now owns 2,250 shares of the company’s stock valued at $112,000 after buying an additional 443 shares during the period. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

Biohaven Price Performance

The stock has a market capitalization of $4.78 billion, a price-to-earnings ratio of -4.94 and a beta of 1.31. The business has a fifty day moving average of $49.23 and a 200 day moving average of $41.13.

Biohaven (NYSE:BHVN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing the consensus estimate of ($1.67) by ($0.03). On average, equities research analysts expect that Biohaven Ltd. will post -8.85 EPS for the current year.

Biohaven Company Profile

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.