Biohaven (NYSE:BHVN) Trading Down 6.3% - Time to Sell?

Key Points

• Biohaven Ltd. (NYSE:BHVN) saw its shares decline by 6.3%, trading at approximately $14.54, with a significant drop in trading volume of 47% compared to the average session.
• Despite recent share price declines, analysts maintain a generally positive outlook, with an average rating of "Buy" and a target price of $51.80, alongside multiple upgrades from firms like Raymond James and Citigroup.
• Biohaven reported a quarterly earning of ($1.94) EPS, meeting consensus expectations, as the company continues to focus on numerous clinical trials for its pipeline products aimed at various medical conditions.

Shares of Biohaven Ltd. (NYSE:BHVN - Get Free Report) traded down 6.3% on Friday . The company traded as low as $14.58 and last traded at $14.54. 927,196 shares were traded during trading, a decline of 47% from the average session volume of 1,754,304 shares. The stock had previously closed at $15.52.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Bank of America dropped their price target on Biohaven from $50.00 to $49.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. Raymond James Financial raised Biohaven from a "moderate buy" rating to a "strong-buy" rating in a research report on Wednesday, September 3rd. Citigroup initiated coverage on Biohaven in a research report on Wednesday. They issued a "buy" rating and a $28.00 price target on the stock. Leerink Partners lowered their price objective on Biohaven from $60.00 to $50.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. lowered their price objective on Biohaven from $68.00 to $55.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 18th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $51.80.

Biohaven Price Performance

The firm's fifty day simple moving average is $14.62 and its 200 day simple moving average is $18.04. The firm has a market cap of $1.52 billion, a P/E ratio of -1.87 and a beta of 1.02. The company has a debt-to-equity ratio of 1.91, a quick ratio of 3.82 and a current ratio of 3.82.

Biohaven (NYSE:BHVN - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported ($1.94) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.94). As a group, analysts forecast that Biohaven Ltd. will post -8.9 earnings per share for the current year.

Institutional Investors Weigh In On Biohaven

Large investors have recently made changes to their positions in the stock. SVB Wealth LLC purchased a new stake in shares of Biohaven during the first quarter worth about $25,000. Parallel Advisors LLC lifted its holdings in shares of Biohaven by 319.8% in the 1st quarter. Parallel Advisors LLC now owns 1,360 shares of the company's stock worth $33,000 after acquiring an additional 1,036 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Biohaven by 53.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company's stock worth $43,000 after acquiring an additional 623 shares during the last quarter. IFP Advisors Inc lifted its holdings in Biohaven by 84,800.0% during the 1st quarter. IFP Advisors Inc now owns 2,547 shares of the company's stock worth $61,000 after buying an additional 2,544 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its holdings in Biohaven by 47.4% during the 4th quarter. Lazard Asset Management LLC now owns 3,207 shares of the company's stock worth $119,000 after buying an additional 1,031 shares in the last quarter. 88.78% of the stock is owned by hedge funds and other institutional investors.

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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