Algert Global LLC Reduces Holdings in Biohaven Ltd. $BHVN

Key Points

• Algert Global LLC significantly reduced its shareholding in Biohaven Ltd. by 68.3% in Q1, owning 9,940 shares valued at $239,000 after selling 21,380 shares.
• Institutional investors hold 88.78% of Biohaven's stock, with notable increases in holdings from firms like Farallon Capital and Wellington Management Group in the last quarter.
• Despite recent price target adjustments, most analysts maintain a consensus rating of "Buy" for Biohaven, with an average target price of $54.23.

Algert Global LLC trimmed its stake in Biohaven Ltd. (NYSE:BHVN - Free Report) by 68.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,940 shares of the company's stock after selling 21,380 shares during the period. Algert Global LLC's holdings in Biohaven were worth $239,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Parallel Advisors LLC increased its stake 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 purchasing an additional 1,036 shares in the last quarter. PNC Financial Services Group Inc. increased its stake 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 purchasing an additional 623 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of Biohaven by 84,800.0% during the 1st quarter. IFP Advisors Inc now owns 2,547 shares of the company's stock valued at $61,000 after buying an additional 2,544 shares in the last quarter. KBC Group NV lifted its stake in shares of Biohaven by 35.0% during the 1st quarter. KBC Group NV now owns 4,560 shares of the company's stock valued at $110,000 after buying an additional 1,183 shares in the last quarter. Finally, Quarry LP purchased a new position in shares of Biohaven during the 4th quarter valued at $112,000. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on BHVN. Leerink Partners lowered their target price on shares of Biohaven from $60.00 to $50.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 12th. Robert W. Baird lowered their target price on shares of Biohaven from $57.00 to $52.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 12th. Royal Bank Of Canada cut shares of Biohaven from an "outperform" rating to a "sector perform" rating and lowered their target price for the company from $54.00 to $21.00 in a research note on Monday, May 19th. Cantor Fitzgerald upgraded shares of Biohaven to a "strong-buy" rating in a research note on Tuesday, May 13th. Finally, Morgan Stanley lowered their target price on shares of Biohaven from $63.00 to $54.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $54.23.

Biohaven Price Performance

Biohaven stock traded down $0.17 during mid-day trading on Friday, reaching $15.35. 999,656 shares of the company's stock traded hands, compared to its average volume of 1,951,986. The company has a market cap of $1.62 billion, a price-to-earnings ratio of -2.00 and a beta of 1.02. The stock has a 50 day moving average of $14.49 and a two-hundred day moving average of $20.01. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 1.91. Biohaven Ltd. has a 12-month low of $12.79 and a 12-month high of $55.70.

Biohaven (NYSE:BHVN - Get Free Report) last released its quarterly 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 analysts forecast that Biohaven Ltd. will post -8.9 earnings per share for the current year.

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.