Biohaven (NYSE:BHVN) Shares Gap Down – Here’s Why

Biohaven Ltd. (NYSE:BHVN)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $39.17, but opened at $36.98. Biohaven shares last traded at $36.65, with a volume of 313,720 shares changing hands.

Analyst Ratings Changes

BHVN has been the topic of a number of recent analyst reports. TD Cowen increased their price objective 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. Leerink Partners increased their price objective on shares of Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. Piper Sandler increased their price objective 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. Sanford C. Bernstein upped their target price on shares of Biohaven from $55.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a report on Tuesday, December 17th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $63.00.

Biohaven Trading Down 6.1 %

The stock has a market cap of $3.72 billion, a price-to-earnings ratio of -3.94 and a beta of 1.29. The stock’s 50 day moving average is $42.91 and its two-hundred day moving average is $42.25.

Biohaven (NYSE:BHVN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). On average, sell-side analysts predict that Biohaven Ltd. will post -8.85 EPS for the current year.

Insider Transactions at Biohaven

In other news, Director John W. Childs bought 29,000 shares of Biohaven stock in a transaction dated Monday, December 30th. The stock was bought at an average price of $35.94 per share, for a total transaction 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. The trade was a 1.24 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 16.00% of the company’s stock.

Institutional Trading of Biohaven

Several hedge funds have recently made changes to their positions in BHVN. Commonwealth Equity Services LLC lifted its stake in shares of Biohaven by 9.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 13,338 shares of the company’s stock worth $463,000 after acquiring an additional 1,150 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Biohaven by 3.9% in the 2nd quarter. Victory Capital Management Inc. now owns 217,655 shares of the company’s stock valued at $7,555,000 after purchasing an additional 8,217 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Biohaven by 3.7% in the 2nd quarter. Arizona State Retirement System now owns 20,575 shares of the company’s stock valued at $714,000 after purchasing an additional 730 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Biohaven by 166.8% in the 2nd quarter. American Century Companies Inc. now owns 511,237 shares of the company’s stock valued at $17,745,000 after purchasing an additional 319,634 shares in the last quarter. Finally, Redwood Wealth Management Group LLC purchased a new position in shares of Biohaven in the 2nd quarter valued at about $61,000. Institutional investors and hedge funds own 88.78% of the company’s stock.

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.