Biohaven (NYSE:BHVN) Reaches New 1-Year Low - Here's Why

Biohaven Ltd. (NYSE:BHVN - Get Free Report) shares hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $13.80 and last traded at $13.87, with a volume of 439931 shares changing hands. The stock had previously closed at $14.63.

Analyst Ratings Changes

Several brokerages have issued reports on BHVN. Royal Bank Of Canada cut shares of Biohaven from an "outperform" rating to a "sector perform" rating and dropped their price objective for the company from $54.00 to $21.00 in a research note on Monday, May 19th. Cantor Fitzgerald upgraded shares of Biohaven to a "strong-buy" rating in a report on Tuesday, May 13th. Deutsche Bank Aktiengesellschaft set a $60.00 price objective on shares of Biohaven and gave the company a "buy" rating in a research note on Thursday, March 20th. JPMorgan Chase & Co. dropped their target price on shares of Biohaven from $68.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, June 18th. Finally, William Blair upgraded Biohaven to a "strong-buy" rating in a report on Thursday, April 24th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $58.46.

Biohaven Stock Down 5.6%

The stock has a market capitalization of $1.41 billion, a P/E ratio of -1.48 and a beta of 0.91. The company has a 50 day moving average of $16.58 and a 200-day moving average of $26.48.

Biohaven (NYSE:BHVN - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported ($2.17) earnings per share for the quarter, missing analysts' consensus estimates of ($1.67) by ($0.50). Equities analysts forecast that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Institutional Investors Weigh In On Biohaven

Hedge funds and other institutional investors have recently modified their holdings of the stock. Ameriprise Financial Inc. increased its stake in Biohaven by 40.0% in the 4th quarter. Ameriprise Financial Inc. now owns 508,682 shares of the company's stock worth $18,994,000 after purchasing an additional 145,331 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in Biohaven by 31.6% during the fourth quarter. Teacher Retirement System of Texas now owns 23,320 shares of the company's stock valued at $871,000 after buying an additional 5,600 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Biohaven by 9.1% during the fourth quarter. Bank of New York Mellon Corp now owns 295,078 shares of the company's stock worth $11,021,000 after purchasing an additional 24,703 shares during the period. American Century Companies Inc. boosted its position in Biohaven by 9.5% during the fourth quarter. American Century Companies Inc. now owns 558,761 shares of the company's stock worth $20,870,000 after purchasing an additional 48,286 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in shares of Biohaven by 6.6% during the fourth quarter. Alliancebernstein L.P. now owns 96,236 shares of the company's stock worth $3,594,000 after buying an additional 5,951 shares during the last quarter. 88.78% of the stock is currently owned by institutional investors.

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.