Adage Capital Partners GP L.L.C. Sells 907,485 Shares of Biohaven Ltd. (NYSE:BHVN)

Adage Capital Partners GP L.L.C. decreased its stake in shares of Biohaven Ltd. (NYSE:BHVN - Free Report) by 61.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 575,000 shares of the company's stock after selling 907,485 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 0.57% of Biohaven worth $21,476,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of BHVN. Spire Wealth Management bought a new position in shares of Biohaven during the fourth quarter valued at $56,000. Amalgamated Bank lifted its stake in Biohaven by 21.9% during the 4th quarter. Amalgamated Bank now owns 2,929 shares of the company's stock valued at $109,000 after acquiring an additional 527 shares during the period. US Bancorp DE grew its stake in shares of Biohaven by 36.7% in the fourth quarter. US Bancorp DE now owns 2,971 shares of the company's stock worth $111,000 after acquiring an additional 798 shares during the period. Elkhorn Partners Limited Partnership raised its holdings in shares of Biohaven by 50.0% during the fourth quarter. Elkhorn Partners Limited Partnership now owns 3,300 shares of the company's stock valued at $123,000 after purchasing an additional 1,100 shares during the last quarter. Finally, KBC Group NV lifted its position in Biohaven by 50.1% during the fourth quarter. KBC Group NV now owns 3,377 shares of the company's stock valued at $126,000 after purchasing an additional 1,127 shares during the period. 88.78% of the stock is owned by hedge funds and other institutional investors.

Biohaven Stock Performance

NYSE:BHVN traded up $0.41 during trading hours on Thursday, reaching $22.53. The stock had a trading volume of 1,605,622 shares, compared to its average volume of 1,334,949. The stock has a market capitalization of $2.30 billion, a PE ratio of -2.41 and a beta of 1.33. Biohaven Ltd. has a 52 week low of $15.79 and a 52 week high of $55.70. The company has a 50 day moving average price of $25.44 and a two-hundred day moving average price of $36.98.

Biohaven (NYSE:BHVN - Get Free Report) last posted its earnings results on Monday, March 3rd. The company reported ($1.85) earnings per share for the quarter, missing analysts' consensus estimates of ($1.56) by ($0.29). Equities research analysts predict that Biohaven Ltd. will post -8.9 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on BHVN. Deutsche Bank Aktiengesellschaft set a $60.00 target price on shares of Biohaven and gave the company a "buy" rating in a research note on Thursday, March 20th. JPMorgan Chase & Co. lowered their target price on Biohaven from $72.00 to $68.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Robert W. Baird dropped their target price on Biohaven from $60.00 to $57.00 and set an "outperform" rating on the stock in a research report on Monday. William Blair raised shares of Biohaven to a "strong-buy" rating in a report on Thursday, April 24th. Finally, Morgan Stanley reduced their target price on shares of Biohaven from $69.00 to $63.00 and set an "overweight" rating for the company in a report on Friday, March 7th. Fourteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $62.54.

Insider Activity

In related news, Director John W. Childs acquired 32,700 shares of the stock in a transaction on Tuesday, March 4th. The stock was bought at an average cost of $30.47 per share, with a total value of $996,369.00. Following the transaction, the director now directly owns 2,320,571 shares in the company, valued at approximately $70,707,798.37. This represents a 1.43 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 16.00% of the company's stock.

Biohaven Profile

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.