Biohaven (NYSE:BHVN) Stock Price Up 5.6% - Here's What Happened

Key Points

• Biohaven Ltd. shares rose 5.6% to a trading price of $15.03, despite a significant decline in volume of shares traded, down 86% from the average session.
• Analysts have mixed sentiments about Biohaven's stock, with Cantor Fitzgerald upgrading the rating to "strong-buy" while several other firms lowered their price targets.
• Institutional ownership remains high, with 88.78% of the stock being held by institutional investors and hedge funds, indicating strong investor interest in the company's future prospects.

Shares of Biohaven Ltd. (NYSE:BHVN - Get Free Report) shot up 5.6% during mid-day trading on Friday . The company traded as high as $15.08 and last traded at $15.03. 241,201 shares were traded during trading, a decline of 86% from the average session volume of 1,671,431 shares. The stock had previously closed at $14.23.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on BHVN. Leerink Partners reduced their price target on shares of Biohaven from $60.00 to $50.00 and set an "outperform" rating for the company in a research report on Tuesday, August 12th. Cantor Fitzgerald raised shares of Biohaven to a "strong-buy" rating in a research note on Tuesday, May 13th. William Blair raised shares of Biohaven to a "strong-buy" rating in a research note on Thursday, April 24th. Royal Bank Of Canada cut shares of Biohaven from an "outperform" rating to a "sector perform" rating and dropped their price objective for the stock from $54.00 to $21.00 in a research note on Monday, May 19th. Finally, HC Wainwright reissued a "buy" rating and set a $30.00 price objective (down from $54.00) on shares of Biohaven in a research note on Tuesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $54.23.

Biohaven Price Performance

The company has a 50-day moving average of $14.45 and a two-hundred day moving average of $21.51. 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 stock has a market capitalization of $1.55 billion, a PE ratio of -1.91 and a beta of 0.98.

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

Hedge Funds Weigh In On Biohaven

A number of hedge funds have recently made changes to their positions in BHVN. Tower Research Capital LLC TRC grew its stake in shares of Biohaven by 198.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,031 shares of the company's stock valued at $113,000 after buying an additional 5,341 shares during the period. E Fund Management Co. Ltd. grew its stake in shares of Biohaven by 20.6% during the 2nd quarter. E Fund Management Co. Ltd. now owns 13,492 shares of the company's stock valued at $190,000 after buying an additional 2,307 shares during the period. Rafferty Asset Management LLC grew its stake in shares of Biohaven by 1.3% during the 2nd quarter. Rafferty Asset Management LLC now owns 121,189 shares of the company's stock valued at $1,710,000 after buying an additional 1,503 shares during the period. Oxford Asset Management LLP purchased a new stake in shares of Biohaven during the 2nd quarter valued at $536,000. Finally, Man Group plc purchased a new stake in shares of Biohaven during the 2nd quarter valued at $895,000. Institutional investors and hedge funds own 88.78% of the company's stock.

About Biohaven

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.