Biohaven (NYSE:BHVN) Hits New 1-Year Low - What's Next?

Key Points

• Biohaven Ltd. has seen its stock price fall to a new 52-week low of $13.04, down from a previous close of $13.50, amidst a significant trading volume of 798,878 shares.
• Analyst ratings have been mixed, with Cantor Fitzgerald upgrading the stock to a "strong-buy" rating while others like Royal Bank of Canada have decreased their target price significantly to $21.00.
• The company reported a quarterly loss of ($2.17) EPS, missing analysts' expectations of ($1.67), and is projected to have an annual EPS of (-8.9).

Biohaven Ltd. (NYSE:BHVN - Get Free Report)'s stock price reached a new 52-week low on Monday . The company traded as low as $13.04 and last traded at $13.18, with a volume of 798878 shares changing hands. The stock had previously closed at $13.50.

Analysts Set New Price Targets

BHVN has been the topic of a number of recent analyst reports. William Blair upgraded shares of Biohaven to a "strong-buy" rating in a report on Thursday, April 24th. Royal Bank Of Canada cut shares of Biohaven from an "outperform" rating to a "sector perform" rating and lowered their price target for the company from $54.00 to $21.00 in a report on Monday, May 19th. Cantor Fitzgerald upgraded shares of Biohaven to a "strong-buy" rating in a report on Tuesday, May 13th. Robert W. Baird lowered their price target on shares of Biohaven from $60.00 to $57.00 and set an "outperform" rating on the stock in a report on Monday, April 28th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Biohaven from $68.00 to $55.00 and set an "overweight" rating on the stock in a report on Wednesday, June 18th. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $58.46.

Biohaven Trading Down 4.7%

The company has a market capitalization of $1.47 billion, a PE ratio of -1.54 and a beta of 0.91. The business's 50-day simple moving average is $14.72 and its 200-day simple moving average is $23.73.

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

Hedge Funds Weigh In On Biohaven

A number of institutional investors have recently bought and sold shares of the business. HighTower Advisors LLC raised its position in Biohaven by 6.1% during the 4th quarter. HighTower Advisors LLC now owns 5,870 shares of the company's stock worth $219,000 after buying an additional 335 shares during the last quarter. Prudential Financial Inc. increased its holdings in shares of Biohaven by 9.4% during the 4th quarter. Prudential Financial Inc. now owns 5,980 shares of the company's stock valued at $223,000 after purchasing an additional 514 shares in the last quarter. DnB Asset Management AS increased its holdings in shares of Biohaven by 8.2% during the 4th quarter. DnB Asset Management AS now owns 7,526 shares of the company's stock valued at $281,000 after purchasing an additional 571 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Biohaven by 53.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company's stock valued at $43,000 after purchasing an additional 623 shares in the last quarter. Finally, RWA Wealth Partners LLC increased its holdings in shares of Biohaven by 7.0% during the 1st quarter. RWA Wealth Partners LLC now owns 12,622 shares of the company's stock valued at $303,000 after purchasing an additional 822 shares in the last quarter. 88.78% of the stock is owned by hedge funds and other 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.