Redmile Group LLC Trims Stock Position in Biohaven Ltd. $BHVN

Key Points

• Redmile Group LLC has reduced its stake in Biohaven Ltd. by 4.1%, owning now 867,454 shares after selling 37,042 shares in the first quarter.
• Biohaven's stock has a market cap of $1.62 billion and opened at $15.35, with a fifty-two week high of $55.70 and a low of $12.79.
• Analyst ratings vary, with two analysts giving a "Strong Buy" rating, while the consensus rating is "Buy" with an average price target of $54.23.

Redmile Group LLC lowered its holdings in shares of Biohaven Ltd. (NYSE:BHVN - Free Report) by 4.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 867,454 shares of the company's stock after selling 37,042 shares during the quarter. Biohaven makes up 2.0% of Redmile Group LLC's holdings, making the stock its 15th largest position. Redmile Group LLC owned about 0.85% of Biohaven worth $20,854,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Vident Advisory LLC acquired a new stake in shares of Biohaven in the first quarter worth approximately $271,000. Ieq Capital LLC purchased a new position in Biohaven in the 1st quarter valued at $346,000. SVB Wealth LLC purchased a new position in Biohaven in the 1st quarter valued at $25,000. T. Rowe Price Investment Management Inc. purchased a new position in Biohaven in the 1st quarter valued at $15,481,000. Finally, RWA Wealth Partners LLC lifted its holdings in Biohaven by 7.0% in the 1st quarter. RWA Wealth Partners LLC now owns 12,622 shares of the company's stock valued at $303,000 after purchasing an additional 822 shares in the last quarter. Hedge funds and other institutional investors own 88.78% of the company's stock.

Wall Street Analysts Forecast Growth

BHVN has been the topic of a number of research reports. Bank of America decreased their price objective on Biohaven from $50.00 to $49.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. BTIG Research lifted their price objective on Biohaven from $59.00 to $60.00 and gave the stock a "buy" rating in a research report on Tuesday, August 19th. Cantor Fitzgerald upgraded Biohaven to a "strong-buy" rating in a research report on Tuesday, May 13th. Robert W. Baird reduced 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. Finally, Morgan Stanley reduced 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. Three equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $55.71.

Biohaven Trading Down 1.4%

BHVN stock traded down $0.22 during midday trading on Friday, hitting $15.85. 3,450,736 shares of the company's stock were exchanged, compared to its average volume of 1,934,479. Biohaven Ltd. has a 1-year low of $12.79 and a 1-year high of $55.70. The company has a current ratio of 3.82, a quick ratio of 3.82 and a debt-to-equity ratio of 1.91. The business has a 50-day simple moving average of $14.63 and a two-hundred day simple moving average of $19.44. The stock has a market capitalization of $1.68 billion, a PE ratio of -2.07 and a beta of 1.02.

Biohaven (NYSE:BHVN - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The company reported ($1.94) earnings per share for the quarter, meeting analysts' consensus estimates of ($1.94). On average, sell-side analysts predict that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Biohaven Company 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.