Biohaven (NYSE:BHVN) Shares Down 13% – Here’s What Happened

Biohaven Ltd. (NYSE:BHVN)’s stock price traded down 13% on Wednesday . The company traded as low as $10.46 and last traded at $9.1310. 1,061,050 shares were traded during trading, a decline of 54% from the average session volume of 2,292,048 shares. The stock had previously closed at $10.50.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. BTIG Research restated a “buy” rating and issued a $16.00 price target on shares of Biohaven in a research report on Tuesday, November 18th. Cowen reissued a “buy” rating on shares of Biohaven in a research note on Wednesday, November 5th. TD Cowen dropped their target price on shares of Biohaven from $50.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Morgan Stanley decreased their price target on Biohaven from $54.00 to $26.00 and set an “overweight” rating for the company in a report on Tuesday, November 18th. Finally, UBS Group lowered Biohaven from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $26.00 to $11.00 in a research report on Wednesday, November 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $25.93.

Biohaven Price Performance

The business has a 50-day moving average of $11.46 and a 200 day moving average of $13.65. The company has a current ratio of 2.86, a quick ratio of 2.86 and a debt-to-equity ratio of 1.91. The firm has a market capitalization of $958.56 million, a P/E ratio of -1.19 and a beta of 1.13.

Biohaven (NYSE:BHVN) last announced its quarterly earnings results on Monday, November 10th. The company reported ($1.64) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.91) by $0.27. On average, sell-side analysts predict that Biohaven Ltd. will post -8.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Biohaven

In other Biohaven news, CAO George C. Clark acquired 17,000 shares of the company’s stock in a transaction on Monday, November 17th. The shares were purchased at an average cost of $8.52 per share, with a total value of $144,840.00. Following the completion of the purchase, the chief accounting officer owned 20,000 shares of the company’s stock, valued at approximately $170,400. This represents a 566.67% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vlad Coric bought 666,666 shares of the firm’s stock in a transaction dated Thursday, November 13th. The shares were acquired at an average cost of $7.50 per share, with a total value of $4,999,995.00. Following the completion of the transaction, the chief executive officer owned 1,195,275 shares of the company’s stock, valued at $8,964,562.50. This represents a 126.12% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders acquired 4,416,999 shares of company stock worth $33,144,833. 16.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Biohaven

Large investors have recently added to or reduced their stakes in the business. Qube Research & Technologies Ltd lifted its position in shares of Biohaven by 834.4% during the third quarter. Qube Research & Technologies Ltd now owns 1,265,597 shares of the company’s stock valued at $18,997,000 after purchasing an additional 1,130,157 shares in the last quarter. Norges Bank purchased a new stake in Biohaven in the 2nd quarter valued at about $12,735,000. Millennium Management LLC lifted its position in shares of Biohaven by 1,172.9% during the 1st quarter. Millennium Management LLC now owns 901,258 shares of the company’s stock worth $21,666,000 after buying an additional 830,457 shares in the last quarter. Bellevue Group AG lifted its position in shares of Biohaven by 37.3% during the 2nd quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock worth $39,548,000 after buying an additional 762,000 shares in the last quarter. Finally, Two Sigma Investments LP boosted its stake in shares of Biohaven by 986.0% in the 3rd quarter. Two Sigma Investments LP now owns 799,600 shares of the company’s stock worth $12,002,000 after buying an additional 725,969 shares during the last quarter. Institutional investors own 88.78% of the company’s stock.

About Biohaven

Biohaven Ltd. (NYSE BHVN) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing therapies for neurological and neurovascular diseases. Founded in 2013 as a spin-out from Yale University, Biohaven focuses on addressing high-unmet medical needs through innovative small-molecule and peptide-based platforms. The company is headquartered in New Haven, Connecticut, and maintains research activities across the United States, with collaborative ties in Europe and Asia via strategic partnerships.

The company’s most advanced program centers on calcitonin gene-related peptide (CGRP) receptor antagonists for the acute and preventive treatment of migraine.