Biohaven (NYSE:BHVN) Shares Up 5.9% - What's Next?

Key Points

• Biohaven Ltd. (NYSE:BHVN) shares surged 5.9% in mid-day trading, reaching a last traded price of $14.28 after a previous close of $13.49.
• Several analysts have revised down their price targets for Biohaven, with the new target ranging from $30 to $55, though the average rating remains "Buy."
• Institutional investors hold 88.78% of Biohaven's stock, with recent growth in stakes from various large investors indicating increased interest.

Biohaven Ltd. (NYSE:BHVN - Get Free Report) shares rose 5.9% on Wednesday . The company traded as high as $14.22 and last traded at $14.28. Approximately 249,183 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 1,724,740 shares. The stock had previously closed at $13.49.

Analyst Ratings Changes

BHVN has been the subject of a number of research analyst reports. BTIG Research upped their target price on Biohaven from $59.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, August 19th. HC Wainwright reaffirmed a "buy" rating and issued a $30.00 price target (down from $54.00) on shares of Biohaven in a research note on Tuesday, August 12th. UBS Group decreased their price objective on shares of Biohaven from $27.00 to $26.00 and set a "buy" rating for the company in a report on Tuesday, September 16th. Robert W. Baird lowered their price target on Biohaven from $57.00 to $52.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 12th. Finally, Raymond James Financial upgraded shares of Biohaven from a "moderate buy" rating to a "strong-buy" rating in a research note on Wednesday, September 3rd. Three research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $51.80.

Biohaven Stock Down 7.6%

The company has a market cap of $1.52 billion, a price-to-earnings ratio of -1.87 and a beta of 1.02. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 1.91. The firm's fifty day moving average price is $14.63 and its 200-day moving average price is $17.83.

Biohaven (NYSE:BHVN - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($1.94) earnings per share for the quarter, hitting analysts' consensus estimates of ($1.94). Sell-side analysts predict that Biohaven Ltd. will post -8.9 earnings per share for the current year.

Hedge Funds Weigh In On Biohaven

A number of large investors have recently modified their holdings of the business. PNC Financial Services Group Inc. boosted its stake 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 worth $43,000 after buying an additional 623 shares during the last quarter. RWA Wealth Partners LLC lifted its stake in Biohaven by 7.0% in 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 during the last quarter. Lazard Asset Management LLC lifted its stake in Biohaven by 47.4% in the 4th quarter. Lazard Asset Management LLC now owns 3,207 shares of the company's stock valued at $119,000 after purchasing an additional 1,031 shares during the last quarter. Parallel Advisors LLC lifted its stake in Biohaven by 319.8% in the 1st quarter. Parallel Advisors LLC now owns 1,360 shares of the company's stock valued at $33,000 after purchasing an additional 1,036 shares during the last quarter. Finally, SVB Wealth LLC acquired a new stake in Biohaven in the 1st quarter valued at about $25,000. 88.78% of the stock is currently owned by institutional investors and hedge funds.

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.