Biohaven (NYSE:BHVN) Stock Price Up 10.1% - Time to Buy?

Key Points

• Biohaven's stock price rose by 10.1% to $17.57, despite a significant drop in trading volume compared to its average.
• Wall Street analysts have mixed views on Biohaven, with price targets ranging from $28.00 to $60.00, and a consensus rating of "Buy".
• Institutional investors hold 88.78% of Biohaven's stock, indicating strong confidence in the company’s potential.

Biohaven Ltd. (NYSE:BHVN - Get Free Report)'s share price traded up 10.1% during trading on Monday . The stock traded as high as $17.50 and last traded at $17.57. 1,017,014 shares traded hands during mid-day trading, a decline of 44% from the average session volume of 1,826,516 shares. The stock had previously closed at $15.95.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BHVN. Leerink Partners cut their price objective on shares of Biohaven from $60.00 to $50.00 and set an "outperform" rating for the company in a report on Tuesday, August 12th. Robert W. Baird cut their target price on shares of Biohaven from $57.00 to $52.00 and set an "outperform" rating for the company in a research note on Tuesday, August 12th. 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. Bank of America dropped their price objective on shares of Biohaven from $50.00 to $49.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Finally, Citigroup started coverage on Biohaven in a report on Wednesday, September 17th. They issued a "buy" rating and a $28.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $48.85.

Biohaven Price Performance

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 50-day moving average price is $15.11 and its 200-day moving average price is $16.03. The stock has a market capitalization of $1.86 billion, a PE ratio of -2.29 and a beta of 1.03.

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

Institutional Investors Weigh In On Biohaven

Several hedge funds and other institutional investors have recently made changes to their positions in BHVN. Norges Bank bought a new position in Biohaven during the 2nd quarter valued at about $12,735,000. Millennium Management LLC boosted its position 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 valued at $21,666,000 after buying an additional 830,457 shares during the period. Bellevue Group AG grew 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 valued at $39,548,000 after buying an additional 762,000 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Biohaven in the second quarter worth approximately $9,289,000. Finally, T. Rowe Price Investment Management Inc. bought a new stake in shares of Biohaven during the 1st quarter worth approximately $15,481,000. Hedge funds and other institutional investors 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.