Biohaven (NYSE:BHVN) Trading 7% Higher - Still a Buy?

Key Points

• Biohaven Ltd. shares rose 7% to trade around $16.42, despite a significant drop in trading volume of 56% compared to the average session.
• Analysts hold mixed opinions on Biohaven, with Citigroup initiating coverage with a "buy" rating and a price target of $28.00, while others, like Weiss Ratings, maintain a "sell" rating.
• Institutional investors dominate Biohaven's ownership, holding 88.78% of the company's stock, with several hedge funds significantly increasing their stakes in recent quarters.

Biohaven Ltd. (NYSE:BHVN - Get Free Report)'s share price traded up 7% during trading on Thursday . The company traded as high as $16.36 and last traded at $16.42. 790,307 shares traded hands during trading, a decline of 56% from the average session volume of 1,800,388 shares. The stock had previously closed at $15.34.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Weiss Ratings reiterated a "sell (e+)" rating on shares of Biohaven in a research report on Wednesday. Citigroup assumed coverage on Biohaven in a research report on Wednesday, September 17th. They set a "buy" rating and a $28.00 price objective for the company. JPMorgan Chase & Co. reduced their price objective on Biohaven from $68.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, June 18th. Raymond James Financial upgraded Biohaven from a "moderate buy" rating to a "strong-buy" rating in a research report on Wednesday, September 3rd. Finally, 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 research report on Tuesday, August 12th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $48.85.

Biohaven Stock Performance

The firm has a market cap of $1.82 billion, a PE ratio of -2.25 and a beta of 1.03. 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 business has a 50-day simple moving average of $14.95 and a 200 day simple moving average of $16.55.

Biohaven (NYSE:BHVN - Get Free Report) last released 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). Equities research analysts forecast that Biohaven Ltd. will post -8.9 EPS for the current year.

Hedge Funds Weigh In On Biohaven

A number of hedge funds have recently made changes to their positions in the business. Bellevue Group AG boosted its stake in shares of Biohaven by 37.3% in the second quarter. Bellevue Group AG now owns 2,802,853 shares of the company's stock worth $39,548,000 after acquiring an additional 762,000 shares during the period. JPMorgan Chase & Co. boosted its stake in Biohaven by 31.2% during the second quarter. JPMorgan Chase & Co. now owns 2,572,042 shares of the company's stock valued at $36,292,000 after buying an additional 612,209 shares during the last quarter. Armistice Capital LLC boosted its stake in Biohaven by 27.6% during the second quarter. Armistice Capital LLC now owns 2,136,000 shares of the company's stock valued at $30,139,000 after buying an additional 462,578 shares during the last quarter. Geode Capital Management LLC boosted its stake in Biohaven by 3.7% during the second quarter. Geode Capital Management LLC now owns 2,030,919 shares of the company's stock valued at $28,660,000 after buying an additional 71,939 shares during the last quarter. Finally, Holocene Advisors LP boosted its stake in Biohaven by 19.1% during the second quarter. Holocene Advisors LP now owns 1,495,641 shares of the company's stock valued at $21,103,000 after buying an additional 239,889 shares during the last quarter. Institutional investors 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.

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