Price T Rowe Associates Inc. MD Cuts Position in Biohaven Ltd. $BHVN

Key Points

• Price T Rowe Associates Inc. reduced its stake in Biohaven Ltd. by 17.3%, owning approximately 2.77% of the company after selling 589,217 shares.
• Multiple large investors have made significant changes to their positions, with Parallel Advisors LLC increasing their holdings by 319.8% in the first quarter.
• Despite a recent earnings report meeting estimates, analysts have revised their price targets downwards, with Morgan Stanley lowering theirs from $63.00 to $54.00.

Price T Rowe Associates Inc. MD lessened its stake in Biohaven Ltd. (NYSE:BHVN - Free Report) by 17.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,822,974 shares of the company's stock after selling 589,217 shares during the period. Price T Rowe Associates Inc. MD owned about 2.77% of Biohaven worth $67,866,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of BHVN. Janus Henderson Group PLC increased its stake in Biohaven by 12.1% in the 4th quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company's stock worth $260,735,000 after purchasing an additional 756,032 shares during the period. Suvretta Capital Management LLC grew its holdings in shares of Biohaven by 8.1% in the fourth quarter. Suvretta Capital Management LLC now owns 5,620,271 shares of the company's stock worth $209,917,000 after purchasing an additional 421,052 shares during the last quarter. Farallon Capital Management LLC grew its holdings in shares of Biohaven by 21.6% in the fourth quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company's stock worth $165,392,000 after purchasing an additional 785,578 shares during the last quarter. Brown Advisory Inc. increased its stake in shares of Biohaven by 4.6% in the first quarter. Brown Advisory Inc. now owns 1,020,117 shares of the company's stock worth $24,524,000 after buying an additional 44,532 shares during the period. Finally, Nuveen Asset Management LLC raised its holdings in Biohaven by 55.1% during the 4th quarter. Nuveen Asset Management LLC now owns 919,235 shares of the company's stock valued at $34,333,000 after buying an additional 326,636 shares during the last quarter. 88.78% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Biohaven from $68.00 to $55.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 18th. Cantor Fitzgerald raised Biohaven to a "strong-buy" rating in a research report on Tuesday, May 13th. HC Wainwright reiterated a "buy" rating and issued a $30.00 price objective (down from $54.00) on shares of Biohaven in a research report on Tuesday, August 12th. BTIG Research boosted their target price on Biohaven from $59.00 to $60.00 and gave the company a "buy" rating in a research note on Tuesday, August 19th. Finally, Leerink Partners dropped 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. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Biohaven currently has a consensus rating of "Buy" and an average price target of $54.23.

Biohaven Stock Down 1.1%

Shares of BHVN stock traded down $0.17 during midday trading on Monday, reaching $15.35. 999,656 shares of the stock were exchanged, compared to its average volume of 1,951,986. Biohaven Ltd. has a 1 year low of $12.79 and a 1 year high of $55.70. The firm has a market cap of $1.62 billion, a PE ratio of -2.00 and a beta of 1.02. The company's 50 day moving average is $14.51 and its two-hundred day moving average is $19.83. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 1.91.

Biohaven (NYSE:BHVN - Get Free Report) last released its quarterly earnings results on Monday, August 11th. The company reported ($1.94) earnings per share for the quarter, meeting the consensus estimate of ($1.94). On average, equities research analysts predict 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.