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

Biohaven Ltd. (NYSE:BHVN)’s stock price was down 6.3% on Thursday . The stock traded as low as $10.69 and last traded at $10.58. Approximately 318,335 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 2,365,171 shares. The stock had previously closed at $11.29.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on BHVN shares. Canaccord Genuity Group started coverage on shares of Biohaven in a research note on Monday, April 13th. They issued a “buy” rating and a $21.00 target price for the company. TD Cowen raised their target price on shares of Biohaven from $15.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Morgan Stanley decreased their target price on shares of Biohaven from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. Wall Street Zen cut shares of Biohaven from a “sell” rating to a “strong sell” rating in a research note on Sunday, April 26th. Finally, Citigroup raised their target price on shares of Biohaven from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Biohaven presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.27.

Biohaven Stock Performance

The stock’s 50-day moving average price is $9.47 and its 200-day moving average price is $10.32. The company has a market cap of $1.60 billion, a P/E ratio of -1.87 and a beta of 1.32. The company has a debt-to-equity ratio of 1.87, a current ratio of 7.41 and a quick ratio of 7.41.

Biohaven (NYSE:BHVN) last announced its 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). Equities analysts anticipate that Biohaven Ltd. will post -3.01 EPS for the current year.

Institutional Investors Weigh In On Biohaven

Institutional investors have recently modified their holdings of the business. PNC Financial Services Group Inc. boosted its position in shares of Biohaven by 113.7% in the third quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company’s stock valued at $36,000 after acquiring an additional 1,268 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of 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 during the period. IFP Advisors Inc boosted its position in shares of Biohaven by 55.4% in the fourth quarter. IFP Advisors Inc now owns 4,069 shares of the company’s stock valued at $46,000 after acquiring an additional 1,450 shares during the period. Arax Advisory Partners boosted its position in shares of Biohaven by 943.3% in the fourth quarter. Arax Advisory Partners now owns 4,914 shares of the company’s stock valued at $55,000 after acquiring an additional 4,443 shares during the period. Finally, Focus Partners Wealth bought a new stake in shares of Biohaven in the third quarter valued at about $87,000. 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.