Biohaven (NYSE:BHVN) Shares Gap Down – Time to Sell?

Biohaven Ltd. (NYSE:BHVN) shares gapped down before the market opened on Wednesday . The stock had previously closed at $8.52, but opened at $7.77. Biohaven shares last traded at $7.9780, with a volume of 4,660,949 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BHVN. Citigroup started coverage on shares of Biohaven in a research note on Wednesday, September 17th. They issued a “buy” rating and a $28.00 target price on the stock. TD Cowen lowered their price target on Biohaven from $50.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Cowen reissued a “buy” rating on shares of Biohaven in a research note on Wednesday, November 5th. Morgan Stanley reaffirmed an “overweight” rating on shares of Biohaven in a research report on Wednesday, November 5th. Finally, UBS Group lowered their target price on Biohaven from $27.00 to $26.00 and set a “buy” rating for the company in a report on Tuesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.21.

Biohaven Stock Performance

The business has a 50-day moving average of $14.84 and a two-hundred day moving average of $15.42. The company has a debt-to-equity ratio of 1.91, a current ratio of 3.82 and a quick ratio of 3.82. The company has a market cap of $856.91 million, a P/E ratio of -1.06 and a beta of 1.10.

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

Institutional Investors Weigh In On Biohaven

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Biohaven during the second quarter worth about $12,735,000. Millennium Management LLC grew its position in 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 purchasing an additional 830,457 shares during the period. Bellevue Group AG boosted its stake in shares of Biohaven by 37.3% in the second 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 during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in Biohaven in the 2nd quarter worth approximately $9,289,000. Finally, T. Rowe Price Investment Management Inc. acquired a new position in shares of Biohaven in the 1st quarter valued at $15,481,000. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

About Biohaven

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.