Biohaven (NYSE:BHVN) Shares Gap Up – Here’s What Happened

Biohaven Ltd. (NYSE:BHVN) shares gapped up before the market opened on Wednesday . The stock had previously closed at $12.09, but opened at $13.16. Biohaven shares last traded at $13.3990, with a volume of 1,279,722 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on BHVN shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Biohaven in a report on Tuesday, June 2nd. HC Wainwright reissued a “neutral” rating and issued a $10.00 price target on shares of Biohaven in a research note on Tuesday, May 26th. Leerink Partners reissued an “outperform” rating and issued a $15.00 price target on shares of Biohaven in a research note on Tuesday, March 3rd. Citigroup boosted their price target on shares of Biohaven from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Finally, Morgan Stanley dropped their price target on shares of Biohaven from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $22.27.

Biohaven Stock Up 14.9%

The stock has a market cap of $2.09 billion, a price-to-earnings ratio of -2.43 and a beta of 1.35. The company has a debt-to-equity ratio of 1.87, a quick ratio of 7.41 and a current ratio of 7.41. The business’s 50 day moving average is $10.09 and its 200 day moving average is $10.55.

Biohaven (NYSE:BHVN) last posted its quarterly earnings results on Monday, May 4th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.02). Equities analysts expect that Biohaven Ltd. will post -3.07 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Janus Henderson Group PLC lifted its position in shares of Biohaven by 1,145.9% in the first quarter. Janus Henderson Group PLC now owns 17,534,612 shares of the company’s stock worth $148,214,000 after buying an additional 16,127,247 shares during the last quarter. Suvretta Capital Management LLC lifted its position in shares of Biohaven by 83.0% in the fourth quarter. Suvretta Capital Management LLC now owns 10,286,937 shares of the company’s stock worth $116,140,000 after buying an additional 4,666,666 shares during the last quarter. Stifel Financial Corp lifted its position in shares of Biohaven by 50.3% in the fourth quarter. Stifel Financial Corp now owns 9,939,856 shares of the company’s stock worth $112,221,000 after buying an additional 3,328,506 shares during the last quarter. Infinitum Asset Management LLC lifted its position in shares of Biohaven by 267.6% in the fourth quarter. Infinitum Asset Management LLC now owns 6,250,000 shares of the company’s stock worth $70,562,000 after buying an additional 4,550,000 shares during the last quarter. Finally, State Street Corp grew its holdings in Biohaven by 34.2% during the fourth quarter. State Street Corp now owns 5,716,487 shares of the company’s stock valued at $64,539,000 after purchasing an additional 1,458,204 shares during the last quarter. Institutional investors and hedge funds own 88.78% of the company’s stock.

Biohaven Company Profile

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.