Biohaven (NYSE:BHVN) Stock Price Down 3.6% - Time to Sell?

Key Points

• Biohaven Ltd. stock fell by 3.6%, closing at $15.23, amid a significant decline in trading volume.
• Despite the drop, several analysts, including Raymond James and Citigroup, have a positive outlook, with most ratings being "Buy" or "Strong Buy" and an average price target of $48.85.
• Institutional investors continue to show interest, with 88.78% of the stock now owned by them, indicating strong backing for the company.

Biohaven Ltd. (NYSE:BHVN - Get Free Report) fell 3.6% during trading on Monday . The stock traded as low as $15.24 and last traded at $15.23. 195,692 shares were traded during trading, a decline of 89% from the average session volume of 1,807,473 shares. The stock had previously closed at $15.80.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BHVN. Raymond James Financial upgraded Biohaven from a "moderate buy" rating to a "strong-buy" rating in a report on Wednesday, September 3rd. Citigroup initiated coverage on shares of Biohaven in a research note on Wednesday, September 17th. They issued a "buy" rating and a $28.00 price target for the company. JPMorgan Chase & Co. reduced their target price on Biohaven from $68.00 to $55.00 and set an "overweight" rating for the company in a research note on Wednesday, June 18th. Leerink Partners decreased their target price on Biohaven from $60.00 to $50.00 and set an "outperform" rating for the company in a research report on Tuesday, August 12th. Finally, Bank of America reduced their price objective on Biohaven from $50.00 to $49.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Three investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $48.85.

Biohaven Price Performance

The firm has a market cap of $1.64 billion, a PE ratio of -2.02 and a beta of 1.03. The company has a debt-to-equity ratio of 1.91, a current ratio of 3.82 and a quick ratio of 3.82. The business's fifty day moving average is $14.97 and its 200-day moving average is $16.29.

Biohaven (NYSE:BHVN - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($1.94) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.94). On average, research analysts predict that Biohaven Ltd. will post -8.9 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biohaven

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bellevue Group AG boosted its position in 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 purchasing an additional 762,000 shares during the period. JPMorgan Chase & Co. boosted its holdings in Biohaven by 31.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,572,042 shares of the company's stock worth $36,292,000 after buying an additional 612,209 shares during the period. Armistice Capital LLC grew its stake in Biohaven by 27.6% in the 2nd quarter. Armistice Capital LLC now owns 2,136,000 shares of the company's stock valued at $30,139,000 after buying an additional 462,578 shares in the last quarter. Geode Capital Management LLC raised its holdings in Biohaven by 3.7% during the 2nd quarter. Geode Capital Management LLC now owns 2,030,919 shares of the company's stock valued at $28,660,000 after acquiring an additional 71,939 shares during the period. Finally, Holocene Advisors LP raised its holdings in Biohaven by 19.1% during the 2nd quarter. Holocene Advisors LP now owns 1,495,641 shares of the company's stock valued at $21,103,000 after acquiring an additional 239,889 shares during the period. 88.78% of the stock is currently owned by institutional investors.

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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