Biohaven (NYSE:BHVN) Trading Down 6.8% - Here's Why

Key Points

• Biohaven shares fell 6.8% in midday trading, hitting an intraday low of $15.80 before last trading at $15.65, on volume far below average.
• Analyst sentiment remains mixed but generally positive, with the stock carrying a consensus “Moderate Buy” and an average price target of $21.62, though some firms recently cut targets or reiterated bearish ratings.
• Biohaven’s latest quarterly results missed expectations slightly, reporting EPS of -$0.88 versus estimates of -$0.86, while analysts now expect the company to post -3.1 EPS for the full fiscal year.

Biohaven Ltd. (NYSE:BHVN - Get Free Report)'s stock price was down 6.8% during mid-day trading on Friday . The company traded as low as $15.80 and last traded at $15.6540. Approximately 108,962 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 2,698,377 shares. The stock had previously closed at $16.79.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Canaccord Genuity Group started coverage on shares of Biohaven in a research report on Monday, April 13th. They set a "buy" rating and a $21.00 price target for the company. Citigroup lifted their price objective on shares of Biohaven from $14.00 to $17.00 and gave the stock a "buy" rating in a research report on Thursday, April 2nd. Royal Bank Of Canada reduced their target price on shares of Biohaven from $23.00 to $22.00 and set an "outperform" rating for the company in a research report on Tuesday, May 5th. Weiss Ratings restated a "sell (e+)" rating on shares of Biohaven in a research note on Tuesday, June 2nd. Finally, Bank of America reaffirmed an "underperform" rating and issued a $11.00 price target (down from $12.00) on shares of Biohaven in a report on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $21.62.

Biohaven Stock Down 6.9%

The stock's 50 day moving average is $11.89 and its 200 day moving average is $11.14. The company has a market capitalization of $2.35 billion, a PE ratio of -2.75 and a beta of 1.28. The company has a debt-to-equity ratio of 1.87, a quick ratio of 7.41 and a current ratio of 7.41.

Biohaven (NYSE:BHVN - Get Free Report) last released its quarterly earnings data on Monday, May 4th. The company reported ($0.88) earnings per share for the quarter, missing analysts' consensus estimates of ($0.86) by ($0.02). On average, sell-side analysts anticipate that Biohaven Ltd. will post -3.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Biohaven

A number of institutional investors and hedge funds have recently modified their holdings of BHVN. Sigma Planning Corp grew its stake in Biohaven by 9.2% during the fourth quarter. Sigma Planning Corp now owns 13,613 shares of the company's stock valued at $154,000 after acquiring an additional 1,146 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Biohaven by 113.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company's stock valued at $36,000 after purchasing an additional 1,268 shares during the period. IFP Advisors Inc grew its position in shares of Biohaven by 55.4% during the 4th quarter. IFP Advisors Inc now owns 4,069 shares of the company's stock valued at $46,000 after purchasing an additional 1,450 shares in the last quarter. Rafferty Asset Management LLC grew its position 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 purchasing an additional 1,503 shares in the last quarter. Finally, ProShare Advisors LLC increased its holdings in shares of Biohaven by 10.8% in the fourth quarter. ProShare Advisors LLC now owns 17,138 shares of the company's stock worth $193,000 after purchasing an additional 1,669 shares during the period. 88.78% of the stock is owned by hedge funds and other institutional investors.

Biohaven Company Profile

Biohaven Ltd. (NYSE BHVN) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing therapies for neurological and neurovascular diseases. Founded in 2013 as a spin-out from Yale University, Biohaven focuses on addressing high-unmet medical needs through innovative small-molecule and peptide-based platforms. The company is headquartered in New Haven, Connecticut, and maintains research activities across the United States, with collaborative ties in Europe and Asia via strategic partnerships.

The company's most advanced program centers on calcitonin gene-related peptide (CGRP) receptor antagonists for the acute and preventive treatment of migraine.

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