Biohaven (NYSE:BHVN) Trading Up 6.6% - Here's What Happened

Key Points

• Biohaven Ltd. (NYSE:BHVN) experienced a significant stock increase of 6.6%, reaching a trading price of $14.73, despite a decline in trading volume.
• Several analysts have provided mixed ratings, with a consensus of "Buy" and a target price averaging $48.85, while three analysts rated it as Strong Buy.
• Institutional investors own 88.78% of Biohaven's stock, with notable increases in stakes from firms such as Bellevue Group AG and JPMorgan Chase & Co.

Biohaven Ltd. (NYSE:BHVN - Get Free Report) shot up 6.6% on Friday . The stock traded as high as $14.67 and last traded at $14.73. 968,956 shares were traded during trading, a decline of 46% from the average session volume of 1,790,648 shares. The stock had previously closed at $13.82.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BHVN shares. BTIG Research raised their target price on shares of Biohaven from $59.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, August 19th. UBS Group dropped their target price on Biohaven from $27.00 to $26.00 and set a "buy" rating on the stock in a report on Tuesday, September 16th. Morgan Stanley cut their price objective on shares of Biohaven from $63.00 to $54.00 and set an "overweight" rating on the stock in a report on Tuesday, August 12th. Raymond James Financial raised shares of Biohaven from a "moderate buy" rating to a "strong-buy" rating in a research report on Wednesday, September 3rd. Finally, Bank of America lowered their price objective on Biohaven from $50.00 to $49.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Three equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Biohaven has a consensus rating of "Buy" and an average price target of $48.85.

Biohaven Stock Up 8.5%

The stock has a market cap of $1.59 billion, a P/E ratio of -1.96 and a beta of 1.02. The firm has a 50 day simple moving average of $14.64 and a two-hundred day simple moving average of $17.50. 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 earnings results on Monday, August 11th. The company reported ($1.94) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($1.94). Equities research analysts predict that Biohaven Ltd. will post -8.9 earnings per share for the current year.

Hedge Funds Weigh In On Biohaven

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BHVN. Bellevue Group AG raised its position in 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 in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Biohaven by 31.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,572,042 shares of the company's stock worth $36,292,000 after purchasing an additional 612,209 shares in the last quarter. Armistice Capital LLC lifted 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 purchasing an additional 462,578 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Biohaven by 3.7% during the second quarter. Geode Capital Management LLC now owns 2,030,919 shares of the company's stock worth $28,660,000 after buying an additional 71,939 shares in the last quarter. Finally, Holocene Advisors LP grew its position in Biohaven by 19.1% in the second quarter. Holocene Advisors LP now owns 1,495,641 shares of the company's stock worth $21,103,000 after buying an additional 239,889 shares during the last quarter. 88.78% of the stock is owned by 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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