Biohaven (NYSE:BHVN) Stock Price Down 9.5% - Time to Sell?

Key Points

• Biohaven Ltd. shares fell by 9.5%, trading as low as $13.63 on Monday, with trading volume down 33% compared to the average.
• Multiple brokerages have adjusted their price targets for Biohaven, with JPMorgan reducing it from $68.00 to $55.00, while Morgan Stanley lowered it from $63.00 to $54.00, reflecting mixed analyst sentiment.
• Despite the stock's recent decline, Biohaven maintains a consensus rating of "Buy" with a target price of $55.71, showing potential investor confidence.

Biohaven Ltd. (NYSE:BHVN - Get Free Report) dropped 9.5% during mid-day trading on Monday . The stock traded as low as $13.63 and last traded at $14.36. Approximately 1,154,710 shares changed hands during trading, a decline of 33% from the average daily volume of 1,713,958 shares. The stock had previously closed at $15.87.

Analyst Upgrades and Downgrades

BHVN has been the subject of several research reports. Leerink Partners dropped their price objective on shares of Biohaven from $60.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, August 12th. Morgan Stanley dropped their price target on shares of Biohaven from $63.00 to $54.00 and set an "overweight" rating for the company in a research note on Tuesday, August 12th. Royal Bank Of Canada cut shares of Biohaven from an "outperform" rating to a "sector perform" rating and dropped their price target for the company from $54.00 to $21.00 in a research note on Monday, May 19th. BTIG Research increased their price target on shares of Biohaven from $59.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, August 19th. Finally, Bank of America dropped their price target on shares of 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, twelve have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $55.71.

Biohaven Price Performance

The company has a debt-to-equity ratio of 1.91, a quick ratio of 3.82 and a current ratio of 3.82. The stock has a market cap of $1.47 billion, a PE ratio of -1.82 and a beta of 1.02. The stock's 50-day moving average is $14.61 and its two-hundred day moving average is $18.63.

Biohaven (NYSE:BHVN - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($1.94) earnings per share for the quarter, hitting analysts' consensus estimates of ($1.94). On average, equities 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 institutional investors and hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. grew its stake in shares of Biohaven by 53.7% during the first quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company's stock worth $43,000 after purchasing an additional 623 shares in the last quarter. RWA Wealth Partners LLC increased its stake in Biohaven by 7.0% in the first 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 period. Lazard Asset Management LLC increased its stake in Biohaven by 47.4% in the fourth 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 period. Parallel Advisors LLC increased its stake in Biohaven by 319.8% in the first 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 period. Finally, SVB Wealth LLC purchased a new stake in shares of Biohaven in the first quarter valued at about $25,000. Institutional investors and hedge funds own 88.78% of the company's stock.

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.