Biohaven (NYSE:BHVN) Shares Down 17.6% – Here’s Why

Biohaven Ltd. (NYSE:BHVN) was down 17.6% during trading on Friday . The company traded as low as $22.47 and last traded at $19.29. Approximately 98,848 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 1,111,225 shares. The stock had previously closed at $23.40.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BHVN. HC Wainwright reiterated a “buy” rating and set a $54.00 price objective on shares of Biohaven in a research note on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft set a $60.00 price objective on shares of Biohaven and gave the company a “buy” rating in a research note on Thursday, March 20th. JPMorgan Chase & Co. cut their target price on Biohaven from $72.00 to $68.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 price target on shares of Biohaven in a research note on Tuesday, March 4th. Finally, William Blair raised Biohaven to a “strong-buy” rating in a research note on Thursday. Fourteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $62.77.

Biohaven Stock Performance

The firm has a market cap of $2.02 billion, a P/E ratio of -2.12 and a beta of 1.33. The business’s fifty day moving average is $26.44 and its 200-day moving average is $37.51.

Biohaven (NYSE:BHVN) last issued its quarterly earnings results on Monday, March 3rd. The company reported ($1.85) EPS for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.29). Analysts predict that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director John W. Childs acquired 32,700 shares of the stock in a transaction dated Tuesday, March 4th. The stock was bought at an average cost of $30.47 per share, for a total transaction of $996,369.00. Following the completion of the transaction, the director now directly owns 2,320,571 shares of the company’s stock, valued at $70,707,798.37. The trade was a 1.43 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 16.00% of the company’s stock.

Institutional Trading of Biohaven

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Barclays PLC boosted its stake in shares of Biohaven by 87.6% in the 3rd quarter. Barclays PLC now owns 268,077 shares of the company’s stock valued at $13,396,000 after purchasing an additional 125,189 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in Biohaven in the third quarter valued at $246,000. Franklin Resources Inc. boosted its position in Biohaven by 0.5% during the third quarter. Franklin Resources Inc. now owns 79,705 shares of the company’s stock valued at $4,206,000 after acquiring an additional 412 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Biohaven by 85.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 809,448 shares of the company’s stock worth $40,448,000 after acquiring an additional 372,737 shares during the period. Finally, Diversified Trust Co raised its position in shares of Biohaven by 16.6% in the 4th quarter. Diversified Trust Co now owns 5,585 shares of the company’s stock worth $209,000 after acquiring an additional 795 shares in the last quarter. 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.