Redmile Group LLC Reduces Stock Holdings in Biohaven Ltd. $BHVN

Redmile Group LLC lessened its holdings in Biohaven Ltd. (NYSE:BHVN) by 15.9% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 729,515 shares of the company’s stock after selling 137,939 shares during the period. Biohaven comprises approximately 1.1% of Redmile Group LLC’s holdings, making the stock its 22nd biggest position. Redmile Group LLC’s holdings in Biohaven were worth $10,293,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. US Bancorp DE lifted its stake in Biohaven by 62.8% in the 1st quarter. US Bancorp DE now owns 4,837 shares of the company’s stock worth $116,000 after purchasing an additional 1,866 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Biohaven by 53.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company’s stock worth $43,000 after purchasing an additional 623 shares during the period. Swiss National Bank increased its position in Biohaven by 7.6% during the first quarter. Swiss National Bank now owns 166,500 shares of the company’s stock valued at $4,003,000 after acquiring an additional 11,700 shares during the last quarter. Invesco Ltd. grew its holdings in Biohaven by 32.1% during the 1st quarter. Invesco Ltd. now owns 68,460 shares of the company’s stock valued at $1,646,000 after purchasing an additional 16,646 shares during the last quarter. Finally, E Fund Management Co. Ltd. grew its stake in shares of Biohaven by 16.4% during the first quarter. E Fund Management Co. Ltd. now owns 11,185 shares of the company’s stock valued at $269,000 after buying an additional 1,572 shares during the last quarter. Institutional investors own 88.78% of the company’s stock.

Biohaven Trading Up 7.6%

Shares of NYSE:BHVN opened at $11.41 on Friday. The company has a current ratio of 2.86, a quick ratio of 2.86 and a debt-to-equity ratio of 1.91. The company has a market capitalization of $1.21 billion, a PE ratio of -1.50 and a beta of 1.13. Biohaven Ltd. has a 12-month low of $7.48 and a 12-month high of $44.28. The business’s fifty day simple moving average is $12.55 and its 200-day simple moving average is $14.00.

Biohaven (NYSE:BHVN) last posted its earnings results on Monday, November 10th. The company reported ($1.64) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.91) by $0.27. As a group, equities research analysts predict that Biohaven Ltd. will post -8.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director John W. Childs acquired 3,333,333 shares of the stock in a transaction dated Thursday, November 13th. The stock was acquired at an average cost of $7.50 per share, for a total transaction of $24,999,997.50. Following the completion of the purchase, the director owned 5,653,904 shares of the company’s stock, valued at approximately $42,404,280. This represents a 143.64% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory Bailey purchased 400,000 shares of the stock in a transaction on Thursday, November 13th. The shares were purchased at an average cost of $7.50 per share, with a total value of $3,000,000.00. Following the transaction, the director owned 2,020,071 shares in the company, valued at $15,150,532.50. This trade represents a 24.69% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders purchased 4,416,999 shares of company stock valued at $33,144,833. 16.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BHVN. BTIG Research reiterated a “buy” rating and set a $16.00 target price on shares of Biohaven in a research report on Tuesday, November 18th. HC Wainwright lowered shares of Biohaven from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $30.00 to $11.00 in a report on Wednesday, December 3rd. Royal Bank Of Canada lowered their price objective on shares of Biohaven from $19.00 to $9.00 and set a “sector perform” rating for the company in a research report on Thursday, November 6th. UBS Group lowered shares of Biohaven from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $26.00 to $11.00 in a research report on Wednesday, November 26th. Finally, Robert W. Baird set a $42.00 price target on shares of Biohaven in a research note on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $25.93.

Biohaven 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.