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

Several other large investors have also recently bought and sold shares of the business. Suvretta Capital Management LLC grew its holdings in Biohaven by 8.1% in the 4th quarter. Suvretta Capital Management LLC now owns 5,620,271 shares of the company's stock valued at $209,917,000 after buying an additional 421,052 shares during the period. Brown Advisory Inc. lifted its holdings in shares of Biohaven by 4.6% during the first quarter. Brown Advisory Inc. now owns 1,020,117 shares of the company's stock valued at $24,524,000 after purchasing an additional 44,532 shares during the last quarter. Nuveen Asset Management LLC increased its position in Biohaven by 55.1% in the 4th quarter. Nuveen Asset Management LLC now owns 919,235 shares of the company's stock worth $34,333,000 after purchasing an additional 326,636 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Biohaven by 1,172.9% during the 1st quarter. Millennium Management LLC now owns 901,258 shares of the company's stock valued at $21,666,000 after acquiring an additional 830,457 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Biohaven by 26.6% during the 1st quarter. Wellington Management Group LLP now owns 802,731 shares of the company's stock valued at $19,298,000 after purchasing an additional 168,676 shares during the period. Hedge funds and other institutional investors own 88.78% of the company's stock.

Biohaven Price Performance

NYSE BHVN traded down $0.13 during trading on Friday, hitting $13.94. 1,876,640 shares of the stock traded hands, compared to its average volume of 2,051,967. The company has a market capitalization of $1.47 billion, a P/E ratio of -1.82 and a beta of 1.02. Biohaven Ltd. has a 12-month low of $12.79 and a 12-month high of $55.70. The firm has a 50-day simple moving average of $14.61 and a 200-day simple moving average of $18.63. 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 (NYSE:BHVN - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($1.94) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($1.94). As a group, analysts predict that Biohaven Ltd. will post -8.9 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on BHVN shares. BTIG Research boosted their target price on Biohaven from $59.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, August 19th. Morgan Stanley decreased their target price on Biohaven from $63.00 to $54.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 12th. Robert W. Baird reduced their target price on Biohaven from $57.00 to $52.00 and set an "outperform" rating on the stock in a report on Tuesday, August 12th. HC Wainwright reaffirmed a "buy" rating and set a $30.00 target price (down from $54.00) on shares of Biohaven in a research report on Tuesday, August 12th. Finally, Bank of America cut their price target on Biohaven from $50.00 to $49.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Biohaven presently has an average 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.