Readystate Asset Management LP Has $3.28 Million Stake in Biohaven Ltd. $BHVN

Key Points

• Readystate Asset Management cut its Biohaven stake by 40.4% in the first quarter, selling 263,410 shares and retaining 388,193 shares worth approximately $3.28 million, or 0.26% of the company.
• Biohaven shares were trading at $13.76 after declining 5.2%; the company reported a quarterly loss of $0.88 per share, slightly worse than analysts’ $0.86 consensus estimate.
• Analyst sentiment remains a “Moderate Buy”, with a consensus price target of $21.62, although ratings range from Strong Buy to Sell and some firms recently lowered their targets.

Readystate Asset Management LP decreased its holdings in Biohaven Ltd. (NYSE:BHVN - Free Report) by 40.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 388,193 shares of the company's stock after selling 263,410 shares during the quarter. Readystate Asset Management LP owned approximately 0.26% of Biohaven worth $3,284,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. PNC Financial Services Group Inc. increased its stake in shares of Biohaven by 113.7% in the third quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company's stock valued at $36,000 after buying an additional 1,268 shares in the last quarter. IFP Advisors Inc lifted its position in Biohaven by 55.4% during the 4th quarter. IFP Advisors Inc now owns 4,069 shares of the company's stock worth $46,000 after buying an additional 1,450 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in Biohaven by 178.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 4,031 shares of the company's stock worth $46,000 after acquiring an additional 2,583 shares during the last quarter. Arax Advisory Partners grew its holdings in Biohaven by 943.3% during the 4th quarter. Arax Advisory Partners now owns 4,914 shares of the company's stock worth $55,000 after acquiring an additional 4,443 shares during the last quarter. Finally, Leonteq Securities AG acquired a new stake in Biohaven in the 4th quarter valued at about $78,000. Institutional investors and hedge funds own 88.78% of the company's stock.

Biohaven Trading Down 5.2%

BHVN opened at $13.76 on Wednesday. Biohaven Ltd. has a fifty-two week low of $7.48 and a fifty-two week high of $18.57. The company has a market cap of $2.07 billion, a price-to-earnings ratio of -2.43 and a beta of 1.28. The company has a debt-to-equity ratio of 1.87, a current ratio of 7.41 and a quick ratio of 7.41. The firm has a 50 day simple moving average of $13.34 and a 200 day simple moving average of $11.52.

Biohaven (NYSE:BHVN - Get Free Report) last released its earnings results on Monday, May 4th. The company reported ($0.88) EPS for the quarter, missing analysts' consensus estimates of ($0.86) by ($0.02). On average, sell-side analysts anticipate that Biohaven Ltd. will post -3.1 earnings per share for the current year.

Wall Street Analyst Weigh In

BHVN has been the subject of a number of research analyst reports. Bank of America reaffirmed an "underperform" rating and issued a $11.00 target price (down from $12.00) on shares of Biohaven in a research note on Monday, June 29th. Weiss Ratings restated a "sell (e+)" rating on shares of Biohaven in a research report on Tuesday, June 2nd. Royal Bank Of Canada reduced their price objective on Biohaven from $23.00 to $22.00 and set an "outperform" rating on the stock in a report on Tuesday, May 5th. Morgan Stanley lowered their target price on Biohaven from $21.00 to $18.00 and set an "overweight" rating for the company in a research note on Wednesday, May 13th. Finally, Needham & Company LLC set a $11.00 target price on Biohaven in a research report on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $21.62.

About Biohaven

Biohaven Ltd. (NYSE BHVN) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing therapies for neurological and neurovascular diseases. Founded in 2013 as a spin-out from Yale University, Biohaven focuses on addressing high-unmet medical needs through innovative small-molecule and peptide-based platforms. The company is headquartered in New Haven, Connecticut, and maintains research activities across the United States, with collaborative ties in Europe and Asia via strategic partnerships.

The company's most advanced program centers on calcitonin gene-related peptide (CGRP) receptor antagonists for the acute and preventive treatment of migraine.

Want to see what other hedge funds are holding BHVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Biohaven Ltd. (NYSE:BHVN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.