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

Biohaven Ltd. (NYSE:BHVN) gapped down before the market opened on Tuesday . The stock had previously closed at $15.69, but opened at $14.91. Biohaven shares last traded at $15.46, with a volume of 443,115 shares changing hands.

Analyst Ratings Changes

A number of research firms recently issued reports on BHVN. Canaccord Genuity Group set a $21.00 price objective on shares of Biohaven in a research report on Friday, August 28th. Royal Bank Of Canada cut shares of Biohaven from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $23.00 to $19.00 in a research note on Tuesday. Wall Street Zen upgraded shares of Biohaven from a “strong sell” rating to a “sell” rating in a report on Saturday, June 27th. Raymond James Financial restated a “strong-buy” rating and set a $30.00 target price on shares of Biohaven in a research report on Wednesday, August 26th. Finally, TD Cowen reaffirmed a “buy” rating on shares of Biohaven in a report on Wednesday, August 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.69.

Biohaven Stock Performance

The company has a quick ratio of 4.73, a current ratio of 4.73 and a debt-to-equity ratio of 21.23. The firm has a 50 day moving average price of $14.86 and a 200 day moving average price of $12.10. The stock has a market cap of $2.27 billion, a PE ratio of -3.24 and a beta of 1.28.

Biohaven (NYSE:BHVN) last issued its quarterly earnings data on Monday, August 10th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.15). As a group, research analysts forecast that Biohaven Ltd. will post -3.33 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Renaissance Technologies LLC acquired a new stake in Biohaven during the first quarter worth $1,362,000. The Manufacturers Life Insurance Company lifted its stake in shares of Biohaven by 52.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 202,975 shares of the company’s stock valued at $1,717,000 after purchasing an additional 69,894 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Biohaven by 1,145.9% in the 1st quarter. Janus Henderson Group PLC now owns 17,534,612 shares of the company’s stock valued at $148,214,000 after purchasing an additional 16,127,247 shares during the last quarter. Quantinno Capital Management LP grew its holdings in shares of Biohaven by 190.0% during the 1st quarter. Quantinno Capital Management LP now owns 121,554 shares of the company’s stock worth $1,028,000 after purchasing an additional 79,640 shares during the period. Finally, NewEdge Wealth LLC purchased a new position in shares of Biohaven during the 2nd quarter worth $3,656,000. Institutional investors own 88.78% of the company’s stock.

Biohaven Company Profile

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.