Biohaven (NYSE:BHVN) Stock Jumps 5.7% – Here’s What Happened

Biohaven Ltd. (NYSE:BHVN)’s stock price traded up 5.7% during trading on Monday. The stock traded as high as $11.37 and last traded at $11.3980. Approximately 315,744 shares were traded during mid-day trading, a decline of 88% from the average session volume of 2,648,833 shares. The stock had previously closed at $10.78.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Biohaven in a report on Friday, June 26th. HC Wainwright reissued a “neutral” rating and set a $10.00 price target on shares of Biohaven in a report on Thursday, September 10th. Morgan Stanley upped their price objective on Biohaven from $18.00 to $19.00 and gave the company an “overweight” rating in a report on Wednesday, August 12th. Canaccord Genuity Group set a $21.00 price objective on Biohaven in a research report on Friday, August 28th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Biohaven in a report on Wednesday, August 26th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Biohaven Stock Performance

The stock has a market capitalization of $1.72 billion, a P/E ratio of -2.45 and a beta of 1.35. The company has a quick ratio of 4.73, a current ratio of 4.73 and a debt-to-equity ratio of 21.23. The company has a 50-day moving average price of $13.70 and a two-hundred day moving average price of $12.61.

Biohaven (NYSE:BHVN) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.15). Equities analysts expect that Biohaven Ltd. will post -3.33 earnings per share for the current year.

Institutional Trading of Biohaven

Several hedge funds have recently added to or reduced their stakes in BHVN. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors lifted its position in Biohaven by 12.9% in the third quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 17,500 shares of the company’s stock valued at $234,000 after purchasing an additional 2,000 shares during the last quarter. Opaleye Management Inc. purchased a new stake in Biohaven during the 2nd quarter valued at $1,159,000. BlueCrest Capital Management Ltd bought a new stake in Biohaven in the 2nd quarter worth $60,000. Engineers Gate Manager LP bought a new stake in Biohaven in the 2nd quarter worth $581,000. Finally, Integrated Wealth Concepts LLC increased its position in shares of Biohaven by 10.4% in the second quarter. Integrated Wealth Concepts LLC now owns 12,653 shares of the company’s stock valued at $188,000 after acquiring an additional 1,189 shares during the period. 88.78% of the stock is owned by institutional investors.

About Biohaven

Biohaven Ltd. (NYSE: BHVN) is a biopharmaceutical company focused on discovering, developing and commercializing therapies for neurological and immunological disorders. The company uses proprietary drug-development platforms to pursue treatments for conditions with significant unmet medical needs, including migraine, epilepsy, obsessive-compulsive disorder and other central nervous system diseases.

Biohaven’s pipeline has included small-molecule and biologic candidates such as troriluzole, an investigational therapy being studied in several neurological disorders, and other programs targeting ion channels, glutamate signaling and immune pathways.