Biohaven (NYSE:BHVN) Shares Down 6.3% – Here’s Why

Biohaven Ltd. (NYSE:BHVN) fell 6.3% on Tuesday . The stock traded as low as $11.04 and last traded at $11.0950. 512,645 shares were traded during trading, a decline of 86% from the average session volume of 3,608,417 shares. The stock had previously closed at $11.84.

Wall Street Analysts Forecast Growth

BHVN has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their target price on Biohaven from $47.00 to $15.00 and set an “overweight” rating for the company in a research report on Thursday, November 20th. Citigroup reissued a “buy” rating on shares of Biohaven in a research note on Friday, December 26th. Robert W. Baird set a $42.00 target price on Biohaven in a research note on Wednesday, November 5th. TD Cowen dropped their target price on Biohaven from $50.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Finally, Bank of America cut shares of Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a report on Wednesday, November 5th. Two research 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 given a Sell rating to the company. According to data from MarketBeat, Biohaven presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.57.

Biohaven Stock Performance

The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -1.45 and a beta of 1.14. The firm’s 50 day moving average is $10.06 and its 200-day moving average is $13.29. The company has a debt-to-equity ratio of 1.91, a quick ratio of 2.86 and a current ratio of 2.86.

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

Insider Buying and Selling

In related news, CEO Vlad Coric bought 666,666 shares of the firm’s stock in a transaction on Thursday, November 13th. The stock was purchased at an average price of $7.50 per share, with a total value of $4,999,995.00. Following the completion of the transaction, the chief executive officer directly owned 1,195,275 shares of the company’s stock, valued at $8,964,562.50. This trade represents a 126.12% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO George C. Clark purchased 17,000 shares of the stock in a transaction on Monday, November 17th. The shares were bought at an average price of $8.52 per share, for a total transaction of $144,840.00. Following the acquisition, the chief accounting officer owned 20,000 shares of the company’s stock, valued at approximately $170,400. The trade was a 566.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 4,416,999 shares of company stock valued at $33,144,833 in the last quarter. Company insiders own 14.60% of the company’s stock.

Hedge Funds Weigh In On Biohaven

Several large investors have recently bought and sold shares of BHVN. Qube Research & Technologies Ltd grew its position in Biohaven by 834.4% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,265,597 shares of the company’s stock worth $18,997,000 after purchasing an additional 1,130,157 shares during the last quarter. Norges Bank bought a new stake in shares of Biohaven in the second quarter valued at about $12,735,000. Bellevue Group AG grew its position in Biohaven by 37.3% during the second quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock worth $39,548,000 after buying an additional 762,000 shares in the last quarter. Two Sigma Investments LP increased its stake in Biohaven by 986.0% during the third quarter. Two Sigma Investments LP now owns 799,600 shares of the company’s stock valued at $12,002,000 after acquiring an additional 725,969 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new position in Biohaven in the 2nd quarter valued at approximately $9,289,000. 88.78% of the stock is currently owned by institutional investors and hedge funds.

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.