Biohaven (NYSE:BHVN) Shares Down 17.6% - Here's What Happened

Biohaven Ltd. (NYSE:BHVN - Get Free Report) shares were down 17.6% on Friday . The company traded as low as $22.47 and last traded at $19.29. Approximately 98,848 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 1,111,225 shares. The stock had previously closed at $23.40.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BHVN. Robert W. Baird cut their target price on Biohaven from $60.00 to $57.00 and set an "outperform" rating on the stock in a research report on Monday. JPMorgan Chase & Co. reduced their price objective on Biohaven from $72.00 to $68.00 and set an "overweight" rating on the stock in a research note on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft set a $60.00 target price on shares of Biohaven and gave the stock a "buy" rating in a research report on Thursday, March 20th. HC Wainwright reaffirmed a "buy" rating and set a $54.00 price target on shares of Biohaven in a research report on Tuesday, March 4th. Finally, William Blair raised shares of Biohaven to a "strong-buy" rating in a research report on Thursday, April 24th. Fourteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $62.54.

Biohaven Price Performance

The company has a fifty day moving average of $25.73 and a two-hundred day moving average of $37.08. The stock has a market capitalization of $2.28 billion, a P/E ratio of -2.39 and a beta of 1.33.

Biohaven (NYSE:BHVN - Get Free Report) last announced its quarterly earnings data on Monday, March 3rd. The company reported ($1.85) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.56) by ($0.29). As a group, equities research analysts predict that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Insiders Place Their Bets

In other Biohaven news, Director John W. Childs bought 32,700 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were purchased at an average cost of $30.47 per share, for a total transaction of $996,369.00. Following the transaction, the director now directly owns 2,320,571 shares in the company, valued at $70,707,798.37. The trade was a 1.43 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 16.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Biohaven

A number of hedge funds and other institutional investors have recently modified their holdings of BHVN. HighTower Advisors LLC boosted its position in Biohaven by 6.1% during the 4th quarter. HighTower Advisors LLC now owns 5,870 shares of the company's stock worth $219,000 after acquiring an additional 335 shares during the period. Franklin Resources Inc. increased its position in Biohaven by 0.5% in the 3rd quarter. Franklin Resources Inc. now owns 79,705 shares of the company's stock worth $4,206,000 after purchasing an additional 412 shares during the last quarter. FSC Wealth Advisors LLC increased its holdings in Biohaven by 3.3% in the fourth quarter. FSC Wealth Advisors LLC now owns 15,500 shares of the company's stock worth $579,000 after buying an additional 500 shares during the last quarter. Prudential Financial Inc. raised its position in Biohaven by 9.4% during the fourth quarter. Prudential Financial Inc. now owns 5,980 shares of the company's stock valued at $223,000 after acquiring an additional 514 shares in the last quarter. Finally, Amalgamated Bank grew its position in Biohaven by 21.9% in the fourth quarter. Amalgamated Bank now owns 2,929 shares of the company's stock worth $109,000 after acquiring an additional 527 shares in the last quarter. 88.78% of the stock is currently owned by institutional investors.

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.