Biohaven (NYSE:BHVN) Reaches New 1-Year Low After Analyst Downgrade

Biohaven Ltd. (NYSE:BHVN - Get Free Report) shares hit a new 52-week low during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $68.00 to $55.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Biohaven traded as low as $14.32 and last traded at $14.67, with a volume of 48846 shares trading hands. The stock had previously closed at $14.56.

BHVN has been the subject of several other reports. Robert W. Baird decreased their price objective on Biohaven from $60.00 to $57.00 and set an "outperform" rating for the company in a research report on Monday, April 28th. Deutsche Bank Aktiengesellschaft set a $60.00 price target on Biohaven and gave the stock a "buy" rating in a research report on Thursday, March 20th. William Blair raised Biohaven to a "strong-buy" rating in a research report on Thursday, April 24th. Cantor Fitzgerald raised Biohaven to a "strong-buy" rating in a research report on Tuesday, May 13th. Finally, Royal Bank Of Canada downgraded Biohaven from an "outperform" rating to a "sector perform" rating and lowered their target price for the company from $54.00 to $21.00 in a research report on Monday, May 19th. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $58.46.

Institutional Investors Weigh In On Biohaven

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

Biohaven Stock Performance

The firm has a fifty day simple moving average of $17.90 and a 200-day simple moving average of $28.55. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of -1.55 and a beta of 0.95.

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

Biohaven Company 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.