Cormorant Asset Management LP Reduces Stock Holdings in Biohaven Ltd. $BHVN

Key Points

• Cormorant Asset Management LP reduced its holdings in Biohaven Ltd. by 82.0%, owning only 10,000 shares after selling 45,539 shares in the first quarter.
• Biohaven’s stock is currently trading at $16.21, with its 52-week range showing a low of $12.79 and a high of $55.70.
• Several institutional investors, including SVB Wealth LLC and Parallel Advisors LLC, have increased their stakes in Biohaven, highlighting significant interest in the company despite recent sell-offs.

Cormorant Asset Management LP decreased its position in Biohaven Ltd. (NYSE:BHVN - Free Report) by 82.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,000 shares of the company's stock after selling 45,539 shares during the quarter. Cormorant Asset Management LP's holdings in Biohaven were worth $240,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in BHVN. Farallon Capital Management LLC increased its holdings in shares of Biohaven by 21.6% during the fourth quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company's stock valued at $165,392,000 after acquiring an additional 785,578 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Biohaven by 12.1% during the fourth quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company's stock valued at $260,735,000 after acquiring an additional 756,032 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new position in shares of Biohaven during the first quarter valued at $15,481,000. Fiera Capital Corp bought a new position in shares of Biohaven during the first quarter valued at $13,983,000. Finally, Suvretta Capital Management LLC increased its holdings in shares of Biohaven by 8.1% during the fourth quarter. Suvretta Capital Management LLC now owns 5,620,271 shares of the company's stock valued at $209,917,000 after acquiring an additional 421,052 shares in the last quarter. Institutional investors own 88.78% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Raymond James Financial upgraded Biohaven from a "moderate buy" rating to a "strong-buy" rating in a report on Wednesday, September 3rd. Leerink Partners dropped their price objective on Biohaven from $60.00 to $50.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 12th. Robert W. Baird dropped their price objective on Biohaven from $57.00 to $52.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 12th. Morgan Stanley dropped their price objective on Biohaven from $63.00 to $54.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 12th. Finally, Cantor Fitzgerald raised Biohaven to a "strong-buy" rating in a research report on Tuesday, May 13th. Three analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $55.71.

Biohaven Price Performance

NYSE:BHVN traded up $0.01 during trading hours on Tuesday, reaching $14.50. The stock had a trading volume of 657,799 shares, compared to its average volume of 1,725,705. The stock has a market capitalization of $1.53 billion, a PE ratio of -1.89 and a beta of 1.02. The company has a debt-to-equity ratio of 1.91, a quick ratio of 3.82 and a current ratio of 3.82. The company has a 50 day moving average price of $14.64 and a two-hundred day moving average price of $19.00. Biohaven Ltd. has a 52 week low of $12.79 and a 52 week high of $55.70.

Biohaven (NYSE:BHVN - Get Free Report) last announced its 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, sell-side analysts anticipate that Biohaven Ltd. will post -8.9 earnings per share for the current fiscal 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.