Biohaven (NYSE:BHVN) Stock Price Down 6.1% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Bank of America upped their target price on shares of Biohaven from $52.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Royal Bank of Canada reissued 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. William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research report on Friday, August 30th. HC Wainwright reiterated a “buy” rating and set a $59.00 price target on shares of Biohaven in a research note on Tuesday. Finally, JPMorgan Chase & Co. lifted their price objective on Biohaven from $55.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, October 3rd. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $63.00.

Biohaven Stock Performance

The stock has a market cap of $3.57 billion, a price-to-earnings ratio of -3.78 and a beta of 1.24. The business has a fifty day simple moving average of $47.88 and a 200 day simple moving average of $41.86.

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

Insider Buying and Selling

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

Hedge Funds Weigh In On Biohaven

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Farallon Capital Management LLC increased its stake in Biohaven by 181.4% during the second quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock valued at $78,028,000 after purchasing an additional 1,449,000 shares during the last quarter. Point72 Asset Management L.P. increased its position in Biohaven by 745.9% in the third quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company’s stock worth $74,969,000 after buying an additional 1,322,922 shares during the period. Armistice Capital LLC lifted its stake in Biohaven by 74.8% in the second quarter. Armistice Capital LLC now owns 1,396,968 shares of the company’s stock valued at $48,489,000 after buying an additional 597,705 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Biohaven by 563.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 508,622 shares of the company’s stock valued at $25,416,000 after acquiring an additional 431,954 shares during the period. Finally, Janus Henderson Group PLC grew its position in shares of Biohaven by 5.6% during the third quarter. Janus Henderson Group PLC now owns 6,226,393 shares of the company’s stock worth $311,142,000 after acquiring an additional 328,099 shares during the last quarter. Hedge funds and other institutional investors 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.