Panagora Asset Management Inc. Sells 50,380 Shares of Biohaven Ltd. $BHVN

Key Points

• Panagora Asset Management Inc. has reduced its holdings in Biohaven Ltd. by 25%, selling 50,380 shares to end up with 151,408 shares valued at approximately $3.64 million.
• Institutional investors collectively hold 88.78% of Biohaven's stock, with several firms significantly increasing their positions during the first quarter.
• Analyst ratings for Biohaven fluctuate, with two "Strong Buy," twelve "Buy," and one "Hold" rating, while price targets have been revised downwards by multiple firms, with an average target of $54.23.

Panagora Asset Management Inc. reduced its position in Biohaven Ltd. (NYSE:BHVN - Free Report) by 25.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 151,408 shares of the company's stock after selling 50,380 shares during the quarter. Panagora Asset Management Inc. owned approximately 0.15% of Biohaven worth $3,640,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. SVB Wealth LLC acquired a new position in shares of Biohaven during the first quarter worth approximately $25,000. Parallel Advisors LLC boosted its position in shares of Biohaven by 319.8% during the first quarter. Parallel Advisors LLC now owns 1,360 shares of the company's stock worth $33,000 after buying an additional 1,036 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Biohaven by 53.7% during the first quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company's stock worth $43,000 after buying an additional 623 shares during the period. IFP Advisors Inc lifted its position in Biohaven by 84,800.0% in the first quarter. IFP Advisors Inc now owns 2,547 shares of the company's stock worth $61,000 after purchasing an additional 2,544 shares during the period. Finally, KBC Group NV lifted its position in Biohaven by 35.0% in the first quarter. KBC Group NV now owns 4,560 shares of the company's stock worth $110,000 after purchasing an additional 1,183 shares during the period. 88.78% of the stock is owned by institutional investors.

Biohaven Stock Down 1.4%

Shares of NYSE BHVN traded down $0.22 during mid-day trading on Friday, reaching $15.85. The company had a trading volume of 3,450,736 shares, compared to its average volume of 1,934,479. Biohaven Ltd. has a twelve month low of $12.79 and a twelve month high of $55.70. 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 stock has a market capitalization of $1.68 billion, a PE ratio of -2.07 and a beta of 1.02. The stock's 50 day moving average is $14.63 and its 200-day moving average is $19.44.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Robert W. Baird cut their target price on Biohaven from $57.00 to $52.00 and set an "outperform" rating for the company in a research report on Tuesday, August 12th. Raymond James Financial upgraded Biohaven from a "moderate buy" rating to a "strong-buy" rating in a research report on Wednesday. HC Wainwright reiterated a "buy" rating and set a $30.00 price objective (down previously from $54.00) on shares of Biohaven in a research report on Tuesday, August 12th. BTIG Research increased their price objective on Biohaven from $59.00 to $60.00 and gave the company a "buy" rating in a research report on Tuesday, August 19th. Finally, Cantor Fitzgerald raised shares of Biohaven to a "strong-buy" rating in a research note on Tuesday, May 13th. Three investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Biohaven presently has an average rating of "Buy" and an average 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.