Biohaven (NYSE:BHVN) Issues Quarterly Earnings Results, Meets Estimates

Key Points

• Biohaven reported quarterly earnings of ($1.94) per share, which met consensus estimates.
• The company's stock price saw a 3.3% decline following the earnings announcement, opening at $14.72.
• Recent upgrades from analysts include a strong-buy rating from Cantor Fitzgerald and William Blair, while Royal Bank of Canada lowered its price target significantly.

Biohaven (NYSE:BHVN - Get Free Report) issued its earnings results on Monday. The company reported ($1.94) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.94), Zacks reports.

Biohaven Price Performance

Shares of BHVN stock traded down $0.19 on Thursday, reaching $14.20. 1,166,475 shares of the company were exchanged, compared to its average volume of 1,680,938. The company has a market cap of $1.50 billion, a price-to-earnings ratio of -1.85 and a beta of 0.98. The business has a 50-day moving average price of $14.56 and a 200 day moving average price of $22.27. The company has a debt-to-equity ratio of 1.91, a quick ratio of 2.33 and a current ratio of 3.82. Biohaven has a 1 year low of $12.79 and a 1 year high of $55.70.

Analyst Ratings Changes

A number of research analysts have weighed in on BHVN shares. Royal Bank Of Canada cut shares of Biohaven from an "outperform" rating to a "sector perform" rating and cut their price objective for the company from $54.00 to $21.00 in a report on Monday, May 19th. Robert W. Baird cut their price objective on shares of Biohaven from $57.00 to $52.00 and set an "outperform" rating for the company in a report on Tuesday. Leerink Partners cut their price objective on shares of Biohaven from $60.00 to $50.00 and set an "outperform" rating for the company in a report on Tuesday. Cantor Fitzgerald raised shares of Biohaven to a "strong-buy" rating in a report on Tuesday, May 13th. Finally, Morgan Stanley cut their price objective on shares of Biohaven from $63.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $53.75.

Institutional Trading of Biohaven

Institutional investors and hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC boosted its position in Biohaven by 49.4% during the first quarter. AQR Capital Management LLC now owns 114,849 shares of the company's stock worth $2,761,000 after acquiring an additional 37,981 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Biohaven by 32.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,833 shares of the company's stock worth $1,747,000 after acquiring an additional 17,562 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Biohaven by 7.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 589,615 shares of the company's stock worth $14,174,000 after acquiring an additional 41,040 shares during the last quarter. Intech Investment Management LLC boosted its position in Biohaven by 80.3% during the first quarter. Intech Investment Management LLC now owns 61,598 shares of the company's stock worth $1,481,000 after acquiring an additional 27,433 shares during the last quarter. Finally, Quantbot Technologies LP boosted its position in Biohaven by 1,097.8% during the second quarter. Quantbot Technologies LP now owns 8,840 shares of the company's stock worth $125,000 after acquiring an additional 8,102 shares during the last quarter. Hedge funds and other institutional investors own 88.78% of the company's stock.

About Biohaven

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.