Biohaven (NYSE:BHVN) Stock Price Up 9% – Should You Buy?

Biohaven Ltd. (NYSE:BHVN)’s share price rose 9% during trading on Wednesday . The company traded as high as $10.95 and last traded at $10.9730. Approximately 864,521 shares were traded during trading, a decline of 63% from the average daily volume of 2,345,064 shares. The stock had previously closed at $10.07.

Wall Street Analysts Forecast Growth

BHVN has been the subject of a number of recent research reports. Citigroup increased their price objective on shares of Biohaven from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Canaccord Genuity Group initiated coverage on shares of Biohaven in a research note on Monday, April 13th. They set a “buy” rating and a $21.00 price objective for the company. HC Wainwright restated a “neutral” rating and set a $10.00 price objective on shares of Biohaven in a research note on Tuesday. Morgan Stanley reduced their price objective on shares of Biohaven from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. Finally, Wall Street Zen cut shares of Biohaven from a “sell” rating to a “strong sell” rating in a report on Sunday, April 26th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Biohaven has an average rating of “Moderate Buy” and an average target price of $22.27.

Biohaven Stock Performance

The stock has a market capitalization of $1.69 billion, a P/E ratio of -1.97 and a beta of 1.32. 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 company’s fifty day simple moving average is $9.44 and its two-hundred day simple moving average is $10.30.

Biohaven (NYSE:BHVN) last released its quarterly earnings results on Monday, May 4th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.02). As a group, equities analysts forecast that Biohaven Ltd. will post -3 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. grew its position in shares of Biohaven by 113.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company’s stock worth $36,000 after purchasing an additional 1,268 shares in the last quarter. IFP Advisors Inc grew its position in shares of Biohaven by 55.4% during the 4th quarter. IFP Advisors Inc now owns 4,069 shares of the company’s stock worth $46,000 after purchasing an additional 1,450 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Biohaven by 178.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 4,031 shares of the company’s stock worth $46,000 after purchasing an additional 2,583 shares in the last quarter. Arax Advisory Partners grew its position in shares of Biohaven by 943.3% during the 4th quarter. Arax Advisory Partners now owns 4,914 shares of the company’s stock worth $55,000 after purchasing an additional 4,443 shares in the last quarter. Finally, Essential Partners LLC grew its position in shares of Biohaven by 31.7% during the 1st quarter. Essential Partners LLC now owns 9,020 shares of the company’s stock worth $76,000 after purchasing an additional 2,169 shares in the last quarter. 88.78% of the stock is owned by institutional investors.

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.