Biohaven (NYSE:BHVN) Shares Gap Down After Analyst Downgrade

Biohaven Ltd. (NYSE:BHVN) shares gapped down prior to trading on Monday after Royal Bank of Canada lowered their price target on the stock from $66.00 to $58.00. The stock had previously closed at $45.59, but opened at $40.80. Royal Bank of Canada currently has an outperform rating on the stock. Biohaven shares last traded at $43.21, with a volume of 362,520 shares changing hands.

Other analysts have also issued reports about the stock. HC Wainwright reiterated a “buy” rating and set a $59.00 price target on shares of Biohaven in a research note on Thursday, November 14th. Leerink Partners boosted their price target on shares of Biohaven from $55.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. UBS Group cut their price target on shares of Biohaven from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. JPMorgan Chase & Co. boosted their price target on shares of Biohaven from $55.00 to $68.00 and gave the stock an “overweight” rating in a research note on Thursday, October 3rd. Finally, Jefferies Financial Group initiated coverage on shares of Biohaven in a research note on Monday, September 16th. They set a “buy” rating and a $57.00 target price on the stock. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $62.75.

Insiders Place Their Bets

In related news, Director Gregory Bailey acquired 5,000 shares of Biohaven stock in a transaction that occurred on Tuesday, September 24th. The stock was acquired at an average price of $44.19 per share, for a total transaction of $220,950.00. Following the transaction, the director now directly owns 1,620,071 shares of the company’s stock, valued at $71,590,937.49. This trade represents a 0.31 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John W. Childs acquired 21,052 shares of Biohaven stock in a transaction that occurred on Wednesday, October 2nd. The shares were bought at an average price of $47.50 per share, with a total value of $999,970.00. Following the transaction, the director now directly owns 21,052 shares in the company, valued at approximately $999,970. This trade represents a ? increase in their ownership of the stock. The disclosure for this purchase can be found here. 16.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Stifel Financial Corp boosted its position in Biohaven by 0.4% during the 3rd quarter. Stifel Financial Corp now owns 6,509,261 shares of the company’s stock worth $325,268,000 after acquiring an additional 28,684 shares during the period. Vanguard Group Inc. boosted its position in Biohaven by 280.5% during the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock worth $345,031,000 after acquiring an additional 4,650,702 shares during the period. Janus Henderson Group PLC boosted its position in Biohaven by 5.6% during the 3rd quarter. Janus Henderson Group PLC now owns 6,226,393 shares of the company’s stock worth $311,142,000 after acquiring an additional 328,099 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Biohaven by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,347,022 shares of the company’s stock worth $183,050,000 after acquiring an additional 212,699 shares during the period. Finally, Farallon Capital Management LLC boosted its position in Biohaven by 181.4% during the 2nd quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock worth $78,028,000 after acquiring an additional 1,449,000 shares during the period. Institutional investors and hedge funds own 88.78% of the company’s stock.

Biohaven Trading Down 0.8 %

The stock has a 50-day simple moving average of $49.10 and a 200-day simple moving average of $41.10. The company has a market cap of $4.57 billion, a price-to-earnings ratio of -4.84 and a beta of 1.31.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). As a group, research analysts expect that Biohaven Ltd. will post -8.85 EPS for the current fiscal year.

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.