Biohaven (NYSE:BHVN) Sees Unusually-High Trading Volume - Still a Buy?

Shares of Biohaven Ltd. (NYSE:BHVN - Get Free Report) saw an uptick in trading volume on Monday . 798,243 shares traded hands during mid-day trading, a decline of 29% from the previous session's volume of 1,131,020 shares.The stock last traded at $21.55 and had previously closed at $19.84.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BHVN. HC Wainwright reissued a "buy" rating and issued a $54.00 target price on shares of Biohaven in a research report on Tuesday, March 4th. Morgan Stanley dropped their target price on shares of Biohaven from $69.00 to $63.00 and set an "overweight" rating on the stock in a report on Friday, March 7th. Robert W. Baird decreased their target price on shares of Biohaven from $60.00 to $57.00 and set an "outperform" rating for the company in a research report on Monday. Deutsche Bank Aktiengesellschaft set a $60.00 price objective on Biohaven and gave the company a "buy" rating in a research note on Thursday, March 20th. Finally, JPMorgan Chase & Co. reduced their target price on Biohaven from $72.00 to $68.00 and set an "overweight" rating for the company in a research report on Wednesday, March 5th. Fourteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Biohaven currently has an average rating of "Buy" and an average target price of $62.54.

Biohaven Price Performance

The business's 50-day moving average price is $26.44 and its 200-day moving average price is $37.41. The firm has a market capitalization of $2.14 billion, a PE ratio of -2.25 and a beta of 1.33.

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

Insider Buying and Selling

In related news, Director John W. Childs bought 32,700 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were acquired at an average cost of $30.47 per share, for a total transaction of $996,369.00. Following the acquisition, the director now owns 2,320,571 shares in the company, valued at $70,707,798.37. This represents a 1.43 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 16.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Biohaven

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Biohaven by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 8,414,120 shares of the company's stock valued at $314,267,000 after purchasing an additional 628,211 shares during the last quarter. Janus Henderson Group PLC grew its stake in Biohaven by 12.1% in the fourth quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company's stock worth $260,735,000 after purchasing an additional 756,032 shares in the last quarter. Stifel Financial Corp raised its stake in Biohaven by 0.8% during the fourth quarter. Stifel Financial Corp now owns 6,559,313 shares of the company's stock valued at $244,990,000 after buying an additional 50,052 shares in the last quarter. Suvretta Capital Management LLC lifted its holdings in Biohaven by 8.1% during the 4th quarter. Suvretta Capital Management LLC now owns 5,620,271 shares of the company's stock worth $209,917,000 after buying an additional 421,052 shares during the last quarter. Finally, Farallon Capital Management LLC increased its holdings in shares of Biohaven by 21.6% in the 4th quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company's stock valued at $165,392,000 after acquiring an additional 785,578 shares during the last quarter. Institutional investors and hedge funds 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.

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