Biohaven (NYSE:BHVN) Stock Price Down 9.9% – Here’s Why

Shares of Biohaven Ltd. (NYSE:BHVN) were down 9.9% during mid-day trading on Monday . The stock traded as low as $24.42 and last traded at $24.91. Approximately 303,832 shares were traded during trading, a decline of 72% from the average daily volume of 1,068,588 shares. The stock had previously closed at $27.65.

Wall Street Analyst Weigh In

BHVN has been the subject of several research reports. HC Wainwright reaffirmed a “buy” rating and set a $54.00 price target on shares of Biohaven in a research note on Tuesday, March 4th. JPMorgan Chase & Co. dropped their price objective on shares of Biohaven from $72.00 to $68.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Morgan Stanley reduced their target price on Biohaven from $69.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a report on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft set a $60.00 price objective on Biohaven and gave the company a “buy” rating in a research report on Thursday, March 20th. Fourteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $62.77.

Biohaven Stock Performance

The company has a 50 day moving average price of $35.15 and a 200 day moving average price of $41.40. The company has a market capitalization of $2.45 billion, a PE ratio of -2.54 and a beta of 1.27.

Biohaven (NYSE:BHVN) last released its earnings results on Monday, March 3rd. The company reported ($1.85) earnings per share for the quarter, missing the consensus estimate of ($1.56) by ($0.29). On average, equities analysts forecast that Biohaven Ltd. will post -8.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Biohaven news, Director John W. Childs acquired 32,700 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased at an average price of $30.47 per share, for a total transaction of $996,369.00. Following the completion of the purchase, the director now directly owns 2,320,571 shares in the company, valued at $70,707,798.37. The trade was a 1.43 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 16.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Biohaven

Several institutional investors have recently made changes to their positions in BHVN. Point72 Asset Management L.P. grew its position in shares of Biohaven by 745.9% during the third quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company’s stock worth $74,969,000 after acquiring an additional 1,322,922 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Biohaven by 144.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,979,169 shares of the company’s stock valued at $73,922,000 after purchasing an additional 1,169,721 shares during the period. Norges Bank bought a new position in Biohaven in the 4th quarter worth about $33,711,000. Farallon Capital Management LLC increased its stake in shares of Biohaven by 21.6% in the fourth quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company’s stock valued at $165,392,000 after purchasing an additional 785,578 shares during the period. Finally, Janus Henderson Group PLC raised its holdings in shares of Biohaven by 12.1% during the fourth quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company’s stock valued at $260,735,000 after buying an additional 756,032 shares during the last quarter. 88.78% of the stock is owned by 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.