Biohaven (NYSE:BHVN) Shares Gap Down – What’s Next?

Biohaven Ltd. (NYSE:BHVN) shares gapped down before the market opened on Monday . The stock had previously closed at $15.83, but opened at $14.32. Biohaven shares last traded at $14.4560, with a volume of 428,131 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Leerink Partners restated an “outperform” rating and set a $15.00 price objective on shares of Biohaven in a research report on Tuesday, March 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of Biohaven in a report on Tuesday, June 2nd. Bank of America reissued an “underperform” rating and issued a $11.00 price objective (down from $12.00) on shares of Biohaven in a research report on Monday. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Biohaven in a research note on Wednesday, May 27th. Finally, TD Cowen raised their price objective on Biohaven from $15.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $21.62.

Biohaven Stock Down 5.9%

The firm has a market capitalization of $2.24 billion, a PE ratio of -2.63 and a beta of 1.35. The company has a current ratio of 7.41, a quick ratio of 7.41 and a debt-to-equity ratio of 1.87. The firm has a 50-day moving average of $10.89 and a two-hundred day moving average of $10.83.

Biohaven (NYSE:BHVN) last posted its quarterly earnings results on Monday, May 4th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.02). On average, equities research analysts forecast that Biohaven Ltd. will post -3.1 EPS for the current year.

Hedge Funds Weigh In On Biohaven

Hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. lifted its stake in shares of Biohaven by 113.7% during the third 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. EverSource Wealth Advisors LLC grew its position in Biohaven by 178.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 4,031 shares of the company’s stock valued at $46,000 after acquiring an additional 2,583 shares in the last quarter. IFP Advisors Inc raised its stake in shares of Biohaven by 55.4% during the fourth quarter. IFP Advisors Inc now owns 4,069 shares of the company’s stock valued at $46,000 after purchasing an additional 1,450 shares during the period. Arax Advisory Partners lifted its position in shares of Biohaven by 943.3% during the fourth 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, Focus Partners Wealth purchased a new position in shares of Biohaven in the third quarter valued at $87,000. Hedge funds and other institutional investors own 88.78% of the company’s stock.

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.