Bank of America Corp DE Takes Position in Biohaven Ltd. $BHVN

Key Points

• Bank of America acquired 1.48 million Biohaven shares worth approximately $22 million, representing about 0.98% of the company. Institutional investors and hedge funds collectively own 88.78% of BHVN.
• Analyst sentiment remains mixed but leans positive, with a consensus rating of “Moderate Buy” and an average price target of $18.69. RBC downgraded the stock to sector perform and lowered its target to $19.
• Biohaven shares opened at $13.65 after an 8.1% decline, while the company reported a quarterly loss of $0.91 per share, missing the $0.76 consensus estimate.

Bank of America Corp DE purchased a new stake in Biohaven Ltd. (NYSE:BHVN - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,477,838 shares of the company's stock, valued at approximately $21,990,000. Bank of America Corp DE owned approximately 0.98% of Biohaven at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Jupiter Topco LLC acquired a new stake in Biohaven in the second quarter worth about $127,852,000. 5AM Venture Management LLC bought a new stake in shares of Biohaven during the second quarter worth approximately $10,995,903. ADAR1 Capital Management LLC bought a new position in Biohaven in the second quarter valued at approximately $7,465,000. Hsbc Holdings PLC bought a new position in Biohaven in the second quarter valued at approximately $583,000. Finally, PDT Partners LLC acquired a new stake in Biohaven during the 2nd quarter worth $626,000. Institutional investors and hedge funds own 88.78% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on BHVN. Royal Bank Of Canada cut shares of Biohaven from an "outperform" rating to a "sector perform" rating and dropped their target price for the company from $23.00 to $19.00 in a research report on Tuesday, September 8th. Weiss Ratings restated a "sell (e+)" rating on shares of Biohaven in a research report on Friday, August 28th. Morgan Stanley lifted their price objective on Biohaven from $18.00 to $19.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th. HC Wainwright reiterated a "neutral" rating and issued a $10.00 price objective on shares of Biohaven in a report on Thursday, September 10th. Finally, Wall Street Zen raised Biohaven from a "strong sell" rating to a "sell" rating in a research note on Saturday, June 27th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.69.

Biohaven Trading Down 8.1%

BHVN opened at $13.65 on Thursday. The firm's fifty day moving average is $14.36 and its two-hundred day moving average is $12.24. The firm has a market cap of $2.06 billion, a PE ratio of -2.94 and a beta of 1.28. Biohaven Ltd. has a twelve month low of $7.48 and a twelve month high of $18.57. The company has a debt-to-equity ratio of 21.23, a quick ratio of 4.73 and a current ratio of 4.73.

Biohaven (NYSE:BHVN - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.15). Equities research analysts anticipate that Biohaven Ltd. will post -3.33 EPS for the current year.

Biohaven Company Profile

Biohaven Ltd. is a clinical-stage biopharmaceutical company focused on developing therapies for neurological and immunological disorders. The company's research programs use a range of approaches, including small-molecule medicines, biologics and other targeted therapies, with the goal of addressing diseases that have limited or inadequate treatment options.

Biohaven's pipeline has included investigational treatments for conditions such as epilepsy, obsessive-compulsive disorder, neurodegenerative diseases, neuroinflammatory disorders and immune-mediated diseases.

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