Adage Capital Partners GP L.L.C. Sells 23,639 Shares of Biohaven Ltd. $BHVN

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Biohaven Ltd. by 4.1%, now owning approximately 551,361 shares valued at $13.3 million.
• Analysts have mixed opinions on Biohaven stock, with target prices ranging from $30.00 to $54.00 and a consensus rating of "Buy."
• Biohaven stock is currently down 1.4%, trading at $15.85, significantly below its one-year high of $55.70.

Adage Capital Partners GP L.L.C. decreased its holdings in Biohaven Ltd. (NYSE:BHVN - Free Report) by 4.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 551,361 shares of the company's stock after selling 23,639 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.54% of Biohaven worth $13,255,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Hsbc Holdings PLC boosted its stake in Biohaven by 10.8% in the fourth quarter. Hsbc Holdings PLC now owns 10,361 shares of the company's stock valued at $380,000 after acquiring an additional 1,006 shares in the last quarter. Northern Trust Corp increased its holdings in Biohaven by 19.9% in the fourth quarter. Northern Trust Corp now owns 811,155 shares of the company's stock valued at $30,297,000 after buying an additional 134,879 shares in the last quarter. Bison Wealth LLC raised its stake in shares of Biohaven by 0.4% during the 4th quarter. Bison Wealth LLC now owns 332,428 shares of the company's stock worth $12,416,000 after buying an additional 1,440 shares during the period. Ameriprise Financial Inc. lifted its stake in Biohaven by 40.0% in the 4th quarter. Ameriprise Financial Inc. now owns 508,682 shares of the company's stock valued at $18,994,000 after buying an additional 145,331 shares in the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in Biohaven during the fourth quarter worth about $1,560,000. 88.78% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have commented on BHVN. Royal Bank Of Canada cut Biohaven from an "outperform" rating to a "sector perform" rating and decreased their price target for the stock from $54.00 to $21.00 in a research note on Monday, May 19th. Leerink Partners reduced their price objective on Biohaven from $60.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, August 12th. BTIG Research lifted their price objective on shares of Biohaven from $59.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday, August 19th. HC Wainwright reaffirmed a "buy" rating and set a $30.00 price target (down from $54.00) on shares of Biohaven in a research note on Tuesday, August 12th. Finally, Robert W. Baird dropped their target price on shares of Biohaven from $57.00 to $52.00 and set an "outperform" rating for the company in a report on Tuesday, August 12th. Three investment 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. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $55.71.

Biohaven Stock Performance

Shares of NYSE:BHVN traded up $0.12 on Thursday, reaching $14.13. 1,649,247 shares of the company's stock were exchanged, compared to its average volume of 2,027,750. Biohaven Ltd. has a fifty-two week low of $12.79 and a fifty-two week high of $55.70. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of -1.84 and a beta of 1.02. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 1.91. The business's 50-day moving average is $14.63 and its two-hundred day moving average is $18.79.

Biohaven (NYSE:BHVN - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported ($1.94) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($1.94). As a group, equities research analysts forecast that Biohaven Ltd. will post -8.9 EPS 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.