Biohaven (NYSE:BHVN) Sets New 1-Year Low on Analyst Downgrade

Biohaven Ltd. (NYSE:BHVN - Get Free Report) reached a new 52-week low during 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 traded. The stock had previously closed at $14.56.

Several other research firms have also commented on BHVN. Robert W. Baird lowered their price objective on Biohaven from $60.00 to $57.00 and set an "outperform" rating on the stock in a research report on Monday, April 28th. William Blair raised shares of Biohaven to a "strong-buy" rating in a research note on Thursday, April 24th. HC Wainwright reiterated a "buy" rating and set a $54.00 price target on shares of Biohaven in a research report on Tuesday, March 4th. Royal Bank Of Canada lowered shares of Biohaven from an "outperform" rating to a "sector perform" rating and cut their price target for the stock from $54.00 to $21.00 in a report on Monday, May 19th. Finally, 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 research report on Friday, March 7th. 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. According to data from MarketBeat, Biohaven presently has a consensus rating of "Buy" and an average target price of $58.46.

Institutional Investors Weigh In On Biohaven

A number of hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers boosted its holdings in Biohaven by 14.0% in the fourth quarter. Rhumbline Advisers now owns 117,595 shares of the company's stock valued at $4,392,000 after purchasing an additional 14,407 shares during the period. Principal Financial Group Inc. increased its stake in shares of Biohaven by 4.4% during the fourth quarter. Principal Financial Group Inc. now owns 77,387 shares of the company's stock worth $2,890,000 after buying an additional 3,281 shares during the period. Peregrine Capital Management LLC acquired a new stake in Biohaven in the fourth quarter valued at approximately $5,561,000. Handelsbanken Fonder AB grew its holdings in Biohaven by 20.8% during the 4th quarter. Handelsbanken Fonder AB now owns 25,000 shares of the company's stock worth $934,000 after acquiring an additional 4,300 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Biohaven by 9.1% during the 4th quarter. Bank of New York Mellon Corp now owns 295,078 shares of the company's stock worth $11,021,000 after acquiring an additional 24,703 shares in the last quarter. 88.78% of the stock is currently owned by institutional investors and hedge funds.

Biohaven Trading Up 0.8%

The firm has a market cap of $1.50 billion, a price-to-earnings ratio of -1.57 and a beta of 0.95. The firm's fifty day moving average price is $18.10 and its 200-day moving average price is $29.19.

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

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