Biohaven (NYSE:BHVN) Shares Down 5.7% - What's Next?

Key Points

• Shares tumbled 5.7% to $10.20 on Tuesday with just 210,853 shares traded, about 92% below the stock's average daily volume, signaling thin trading during the drop.
• Analyst views are mixed but tilted positive: the consensus is a “Moderate Buy” with an average price target of $22.53, while recent notes range from HC Wainwright cutting its target to $10 to RBC raising its target to $23 and rating the stock “outperform.”
• Despite recent losses (Q4 EPS loss of $1.21, slightly beating estimates) and a negative forward EPS outlook, institutional investors have aggressively increased stakes—several firms added millions of shares and hedge funds now own about 88.8% of the company.

Biohaven Ltd. (NYSE:BHVN - Get Free Report) shares fell 5.7% during trading on Tuesday . The stock traded as low as $10.32 and last traded at $10.20. 210,853 shares were traded during trading, a decline of 92% from the average session volume of 2,485,356 shares. The stock had previously closed at $10.82.

Analyst Ratings Changes

A number of brokerages recently issued reports on BHVN. Wall Street Zen upgraded Biohaven from a "strong sell" rating to a "sell" rating in a research note on Saturday. HC Wainwright cut their target price on shares of Biohaven from $11.00 to $10.00 and set a "neutral" rating for the company in a report on Wednesday, March 4th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Biohaven in a report on Monday, March 9th. The Goldman Sachs Group upgraded Biohaven to a "strong-buy" rating in a research note on Friday, February 6th. Finally, Royal Bank Of Canada upped their price target on Biohaven from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Tuesday, March 3rd. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $22.53.

Biohaven Trading Down 6.4%

The company has a 50 day simple moving average of $10.18 and a 200 day simple moving average of $11.41. The company has a debt-to-equity ratio of 4.59, a quick ratio of 3.18 and a current ratio of 3.18. The company has a market capitalization of $1.52 billion, a PE ratio of -1.46 and a beta of 1.34.

Biohaven (NYSE:BHVN - Get Free Report) last released its earnings results on Monday, March 2nd. The company reported ($1.21) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.22) by $0.01. Analysts anticipate that Biohaven Ltd. will post -2.98 earnings per share for the current year.

Institutional Investors Weigh In On Biohaven

Large investors have recently modified their holdings of the business. Suvretta Capital Management LLC grew its position in shares of Biohaven by 83.0% in the fourth quarter. Suvretta Capital Management LLC now owns 10,286,937 shares of the company's stock valued at $116,140,000 after purchasing an additional 4,666,666 shares in the last quarter. Stifel Financial Corp grew its position in shares of Biohaven by 50.3% in the fourth quarter. Stifel Financial Corp now owns 9,939,856 shares of the company's stock valued at $112,221,000 after purchasing an additional 3,328,506 shares in the last quarter. Infinitum Asset Management LLC grew its position in shares of Biohaven by 267.6% in the fourth quarter. Infinitum Asset Management LLC now owns 6,250,000 shares of the company's stock valued at $70,562,000 after purchasing an additional 4,550,000 shares in the last quarter. State Street Corp grew its position in shares of Biohaven by 34.2% in the fourth quarter. State Street Corp now owns 5,716,487 shares of the company's stock valued at $64,539,000 after purchasing an additional 1,458,204 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Biohaven by 52.9% in the fourth quarter. Vanguard Group Inc. now owns 4,395,946 shares of the company's stock valued at $49,630,000 after purchasing an additional 1,520,756 shares in the last quarter. Hedge funds and other institutional investors own 88.78% of the company's stock.

Biohaven Company Profile

Biohaven Ltd. (NYSE BHVN) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing therapies for neurological and neurovascular diseases. Founded in 2013 as a spin-out from Yale University, Biohaven focuses on addressing high-unmet medical needs through innovative small-molecule and peptide-based platforms. The company is headquartered in New Haven, Connecticut, and maintains research activities across the United States, with collaborative ties in Europe and Asia via strategic partnerships.

The company's most advanced program centers on calcitonin gene-related peptide (CGRP) receptor antagonists for the acute and preventive treatment of migraine.

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