Biohaven (NYSE:BHVN) Stock Price Up 5.5% Following Analyst Upgrade

Key Points

• Biohaven Ltd. shares increased by 5.5% on Wednesday, last trading at $16.77, but experienced a notable decline in trading volume of 87% compared to the average.
• Analysts have varied opinions on Biohaven, with three giving a Strong Buy rating and an average price target of $55.71, while others have reduced their price objectives significantly.
• Institutional investors hold 88.78% of Biohaven's stock, with several hedge funds increasing their positions substantially in the company during the first quarter.

Biohaven Ltd. (NYSE:BHVN - Get Free Report) shares shot up 5.5% during trading on Wednesday after Raymond James Financial upgraded the stock from a moderate buy rating to a strong-buy rating. The stock traded as high as $16.72 and last traded at $16.77. 222,425 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 1,696,780 shares. The stock had previously closed at $15.89.

Other analysts also recently issued research reports about the company. Leerink Partners cut their price target on Biohaven from $60.00 to $50.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 12th. Robert W. Baird reduced their price target on Biohaven from $57.00 to $52.00 and set an "outperform" rating for the company in a report on Tuesday, August 12th. HC Wainwright reaffirmed a "buy" rating and issued a $30.00 price target (down previously from $54.00) on shares of Biohaven in a research report on Tuesday, August 12th. Morgan Stanley cut their price objective on shares of Biohaven from $63.00 to $54.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 12th. Finally, BTIG Research raised their price objective 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. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $55.71.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Janus Henderson Group PLC boosted its holdings in Biohaven by 12.1% in the fourth quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company's stock worth $260,735,000 after purchasing an additional 756,032 shares during the last quarter. Suvretta Capital Management LLC boosted its stake in shares of Biohaven by 8.1% in the 4th quarter. Suvretta Capital Management LLC now owns 5,620,271 shares of the company's stock worth $209,917,000 after buying an additional 421,052 shares during the last quarter. Farallon Capital Management LLC grew its stake in shares of Biohaven by 21.6% during the 4th quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company's stock valued at $165,392,000 after purchasing an additional 785,578 shares during the period. Bellevue Group AG grew 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 valued at $39,548,000 after buying an additional 762,000 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of 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 purchasing an additional 612,209 shares in the last quarter. 88.78% of the stock is owned by hedge funds and other institutional investors.

Biohaven Stock Performance

The business has a 50-day simple moving average of $14.63 and a 200 day simple moving average of $19.30. The firm has a market cap of $1.68 billion, a PE ratio of -2.07 and a beta of 1.02. 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 released its earnings results on Monday, August 11th. The company reported ($1.94) EPS for the quarter, hitting analysts' consensus estimates of ($1.94). Equities research analysts forecast that Biohaven Ltd. will post -8.9 EPS for the current year.

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.