Biohaven (NYSE:BHVN) Trading Up 5.9% - Still a Buy?

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)'s stock price shot up 5.9% during trading on Wednesday . The stock traded as high as $14.22 and last traded at $14.28. 249,183 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 1,724,740 shares. The stock had previously closed at $13.49.

Wall Street Analyst Weigh In

Several research firms recently commented on BHVN. HC Wainwright reissued a "buy" rating and issued a $30.00 target price (down previously from $54.00) on shares of Biohaven in a report on Tuesday, August 12th. Morgan Stanley dropped their target price on Biohaven from $63.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday, August 12th. Raymond James Financial raised Biohaven from a "moderate buy" rating to a "strong-buy" rating in a report on Wednesday, September 3rd. 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 research note on Tuesday. Finally, Citigroup started coverage on shares of Biohaven in a research note on Wednesday. They issued a "buy" rating and a $28.00 price objective for the company. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus 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 firm's 50 day simple moving average is $14.63 and its 200-day simple moving average is $17.93. The company has a debt-to-equity ratio of 1.91, a current ratio of 3.82 and a quick ratio of 3.82.

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 the consensus estimate of ($1.94). As a group, sell-side analysts anticipate that Biohaven Ltd. will post -8.9 earnings per share for the current year.

Institutional Investors Weigh In On Biohaven

Several hedge funds have recently made changes to their positions in BHVN. Norges Bank acquired a new stake in shares of Biohaven during the second quarter worth about $12,735,000. Millennium Management LLC boosted its stake in shares of Biohaven by 1,172.9% during the first quarter. Millennium Management LLC now owns 901,258 shares of the company's stock worth $21,666,000 after buying an additional 830,457 shares during the period. Bellevue Group AG boosted its stake in shares of Biohaven by 37.3% during the second quarter. Bellevue Group AG now owns 2,802,853 shares of the company's stock worth $39,548,000 after buying an additional 762,000 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of Biohaven during the second quarter worth about $9,289,000. Finally, T. Rowe Price Investment Management Inc. acquired a new stake in shares of Biohaven during the first quarter worth about $15,481,000. 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.