Biohaven (NYSE:BHVN) Stock Price Down 9.5% - Here's What Happened

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.

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on BHVN. JPMorgan Chase & Co. lowered their price target on shares of Biohaven from $68.00 to $55.00 and set an "overweight" rating on the stock in a report on Wednesday, June 18th. Raymond James Financial upgraded shares of Biohaven from a "moderate buy" rating to a "strong-buy" rating in a report on Wednesday, September 3rd. Leerink Partners cut their price objective on shares of Biohaven from $60.00 to $50.00 and set an "outperform" rating on the stock in a report on Tuesday, August 12th. Robert W. Baird cut their price objective on Biohaven from $57.00 to $52.00 and set an "outperform" rating for the company in a report on Tuesday, August 12th. Finally, Morgan Stanley decreased their price objective on Biohaven from $63.00 to $54.00 and set an "overweight" rating for the company in a report on Tuesday, August 12th. Three analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $55.71.

Biohaven Trading Down 6.2%

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 $1.57 billion, a price-to-earnings ratio of -1.94 and a beta of 1.02. The business has a fifty day simple moving average of $14.63 and a 200 day simple moving average of $19.16.

Biohaven (NYSE:BHVN - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported ($1.94) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.94). As a group, equities analysts anticipate that Biohaven Ltd. will post -8.9 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in BHVN. Ameriprise Financial Inc. boosted its position in shares of Biohaven by 40.0% during the 4th quarter. Ameriprise Financial Inc. now owns 508,682 shares of the company's stock worth $18,994,000 after purchasing an additional 145,331 shares in the last quarter. KBC Group NV lifted its stake in shares of Biohaven by 35.0% in the first quarter. KBC Group NV now owns 4,560 shares of the company's stock worth $110,000 after buying an additional 1,183 shares in the last quarter. Parallel Advisors LLC raised its position in Biohaven by 319.8% in the first quarter. Parallel Advisors LLC now owns 1,360 shares of the company's stock worth $33,000 after acquiring an additional 1,036 shares during the period. SG Americas Securities LLC grew its stake in Biohaven by 155.8% during the first quarter. SG Americas Securities LLC now owns 23,029 shares of the company's stock valued at $554,000 after acquiring an additional 14,028 shares in the last quarter. Finally, Fiera Capital Corp purchased a new position in shares of Biohaven during the 1st quarter worth about $13,983,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.