Biohaven (NYSE:BHVN) Trading Up 5.2% - Here's What Happened

Key Points

• Shares rose 5.2% to about $10.09 on Tuesday, but the move occurred on very light volume (133,956 shares traded, down ~94% from the 2.44M average), suggesting limited market participation.
• Analysts hold a consensus rating of "Moderate Buy" with a consensus target price of $22.53; several firms raised targets recently (e.g., Citi to $17, RBC to $23) while a few continue to rate the stock sell/strong sell, reflecting mixed views.
• Biohaven has a market cap of ~$1.45B and negative earnings (last quarter EPS -$1.21, beating estimates by $0.01); institutional investors own ~88.8% of the stock, with hedge funds increasing positions recently.

Biohaven Ltd. (NYSE:BHVN - Get Free Report)'s stock price was up 5.2% on Tuesday . The stock traded as high as $10.12 and last traded at $10.0880. Approximately 133,956 shares traded hands during trading, a decline of 94% from the average daily volume of 2,435,255 shares. The stock had previously closed at $9.59.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BHVN shares. Citigroup raised their price objective on shares of Biohaven from $14.00 to $17.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Leerink Partners restated an "outperform" rating and set a $15.00 price objective on shares of Biohaven in a research report on Tuesday, March 3rd. Royal Bank Of Canada raised their price objective on shares of Biohaven from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Tuesday, March 3rd. Weiss Ratings restated a "sell (d-)" rating on shares of Biohaven in a research report on Monday, December 29th. Finally, Wall Street Zen cut shares of Biohaven from a "sell" rating to a "strong sell" rating in a report on Sunday. Three equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.53.

Biohaven Stock Performance

The firm's fifty day simple moving average is $10.03 and its 200 day simple moving average is $11.21. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of -1.38 and a beta of 1.34. The company has a debt-to-equity ratio of 4.59, a current ratio of 3.18 and a quick ratio of 3.18.

Biohaven (NYSE:BHVN - Get Free Report) last announced its earnings results on Monday, March 2nd. The company reported ($1.21) EPS for the quarter, topping the consensus estimate of ($1.22) by $0.01. On average, sell-side analysts forecast that Biohaven Ltd. will post -2.98 EPS for the current year.

Institutional Trading of Biohaven

Hedge funds have recently made changes to their positions in the stock. Integral Health Asset Management LLC lifted its position in shares of Biohaven by 116.7% in the third quarter. Integral Health Asset Management LLC now owns 650,000 shares of the company's stock worth $9,756,000 after purchasing an additional 350,000 shares in the last quarter. Aberdeen Group plc purchased a new stake in shares of Biohaven in the fourth quarter worth approximately $7,829,000. Capital Research Global Investors lifted its position in shares of Biohaven by 108.9% in the third quarter. Capital Research Global Investors now owns 1,011,530 shares of the company's stock worth $15,183,000 after purchasing an additional 527,337 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Biohaven by 291.8% in the fourth quarter. SG Americas Securities LLC now owns 105,518 shares of the company's stock worth $1,191,000 after purchasing an additional 78,585 shares in the last quarter. Finally, Prosight Management LP lifted its position in shares of Biohaven by 11.3% in the third quarter. Prosight Management LP now owns 600,000 shares of the company's stock worth $9,006,000 after purchasing an additional 60,929 shares in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.