Fred Alger Management LLC Cuts Stock Holdings in Biohaven Ltd. $BHVN

Key Points

• Fred Alger Management LLC reduced its stake in Biohaven Ltd. (NYSE:BHVN) by 41.1%, selling 42,995 shares during the first quarter, leaving the firm with 61,572 shares valued at approximately $1.48 million.
• Multiple analysts have rated Biohaven, with a consensus rating of "Buy" and a target price of $55.71, despite varying opinions on price targets from different firms.
• Biohaven's stock performance shows a 12-month range with a low of $12.79 and a high of $55.70, reflecting significant volatility.

Fred Alger Management LLC lowered its stake in shares of Biohaven Ltd. (NYSE:BHVN - Free Report) by 41.1% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 61,572 shares of the company's stock after selling 42,995 shares during the period. Fred Alger Management LLC owned about 0.06% of Biohaven worth $1,480,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. SVB Wealth LLC purchased a new position in shares of Biohaven during the 1st quarter valued at about $25,000. Parallel Advisors LLC raised its stake in shares of Biohaven by 319.8% during the 1st quarter. Parallel Advisors LLC now owns 1,360 shares of the company's stock valued at $33,000 after buying an additional 1,036 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Biohaven by 53.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company's stock valued at $43,000 after buying an additional 623 shares during the last quarter. IFP Advisors Inc raised 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 during the last quarter. Finally, Lazard Asset Management LLC raised its stake in shares of Biohaven by 47.4% during the 4th quarter. Lazard Asset Management LLC now owns 3,207 shares of the company's stock valued at $119,000 after buying an additional 1,031 shares during the last quarter. Hedge funds and other institutional investors own 88.78% of the company's stock.

Biohaven Trading Down 1.1%

BHVN traded down $0.16 during trading hours on Monday, reaching $13.77. The company's stock had a trading volume of 560,646 shares, compared to its average volume of 1,727,252. Biohaven Ltd. has a fifty-two week low of $12.79 and a fifty-two week high of $55.70. The stock has a market cap of $1.46 billion, a PE ratio of -1.80 and a beta of 1.02. The business's 50-day moving average is $14.61 and its 200-day moving average is $18.38. The company has a debt-to-equity ratio of 1.91, a current ratio of 3.82 and a quick ratio of 3.82.

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BHVN. Raymond James Financial upgraded Biohaven from a "moderate buy" rating to a "strong-buy" rating in a research note on Wednesday, September 3rd. HC Wainwright restated a "buy" rating and issued a $30.00 price target (down previously from $54.00) on shares of Biohaven in a research note on Tuesday, August 12th. Leerink Partners cut their price target on Biohaven from $60.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, August 12th. JPMorgan Chase & Co. cut their price target on Biohaven from $68.00 to $55.00 and set an "overweight" rating for the company in a research note on Wednesday, June 18th. Finally, Royal Bank Of Canada lowered Biohaven from an "outperform" rating to a "sector perform" rating and cut their price target for the company from $54.00 to $21.00 in a research note on Monday, May 19th. Three 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 Profile

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.