Millennium Management LLC Raises Holdings in Biohaven Ltd. $BHVN

Key Points

• Millennium Management LLC significantly increased its stake in Biohaven Ltd. by acquiring 830,457 shares, bringing its total holdings to approximately 0.88% of the company, valued at about $21.67 million.
• Institutional investors collectively own 88.78% of Biohaven's stock, with other notable hedge funds like PNC Financial Services Group and Lazard Asset Management also increasing their positions in the first quarter.
• Biohaven's stock price has fluctuations within a year, hitting a 52-week low of $12.79 and a high of $55.70, currently trading around $13.94.

Millennium Management LLC raised its holdings in Biohaven Ltd. (NYSE:BHVN - Free Report) by 1,172.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 901,258 shares of the company's stock after purchasing an additional 830,457 shares during the period. Millennium Management LLC owned about 0.88% of Biohaven worth $21,666,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Suvretta Capital Management LLC grew its holdings in Biohaven by 8.1% in the fourth quarter. Suvretta Capital Management LLC now owns 5,620,271 shares of the company's stock valued at $209,917,000 after purchasing an additional 421,052 shares during the period. Brown Advisory Inc. boosted 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 acquiring an additional 44,532 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Biohaven by 55.1% in the fourth quarter. Nuveen Asset Management LLC now owns 919,235 shares of the company's stock worth $34,333,000 after acquiring an additional 326,636 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Biohaven by 26.6% in the first quarter. Wellington Management Group LLP now owns 802,731 shares of the company's stock worth $19,298,000 after acquiring an additional 168,676 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. acquired a new stake in shares of Biohaven in the first quarter worth approximately $15,481,000. 88.78% of the stock is owned by institutional investors and hedge funds.

Biohaven Trading Up 5.7%

Shares of BHVN stock traded up $0.84 on Thursday, hitting $15.54. The stock had a trading volume of 3,739,449 shares, compared to its average volume of 2,101,886. The company has a debt-to-equity ratio of 1.91, a current ratio of 3.82 and a quick ratio of 3.82. The firm has a market capitalization of $1.64 billion, a P/E ratio of -2.03 and a beta of 1.02. Biohaven Ltd. has a 1 year low of $12.79 and a 1 year high of $55.70. The company's 50 day moving average price is $14.62 and its 200-day moving average price is $18.04.

Biohaven (NYSE:BHVN - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($1.94) earnings per share for the quarter, hitting the consensus estimate of ($1.94). Analysts anticipate that Biohaven Ltd. will post -8.9 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on BHVN shares. BTIG Research lifted their price target on Biohaven from $59.00 to $60.00 and gave the stock a "buy" rating in a research note on Tuesday, August 19th. HC Wainwright reaffirmed a "buy" rating and issued a $30.00 price target (down from $54.00) on shares of Biohaven in a research note on Tuesday, August 12th. Bank of America lowered their price target on Biohaven from $50.00 to $49.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Robert W. Baird lowered their price target on Biohaven from $57.00 to $52.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 12th. Finally, Morgan Stanley lowered their price target on Biohaven from $63.00 to $54.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 12th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $51.80.

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.