TD Asset Management Inc Lowers Stock Holdings in Biohaven Ltd. (NYSE:BHVN)

Key Points

• TD Asset Management Inc has reduced its stake in Biohaven Ltd. by 22.4%, selling 72,154 shares in the first quarter, leaving it with approximately 0.24% of the company's stock valued at around $6 million.
• Several institutional investors, including Parallel Advisors LLC and IFP Advisors Inc, significantly increased their holdings in Biohaven, demonstrating strong interest in the company's potential.
• The company's stock recently opened at $14.77, with analysts providing varied price targets, and a consensus rating of "Buy" driving speculation about its future performance.

TD Asset Management Inc lessened its holdings in shares of Biohaven Ltd. (NYSE:BHVN - Free Report) by 22.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 249,712 shares of the company's stock after selling 72,154 shares during the period. TD Asset Management Inc owned 0.24% of Biohaven worth $6,003,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. JPMorgan Chase & Co. grew its holdings in shares of Biohaven by 144.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,979,169 shares of the company's stock valued at $73,922,000 after purchasing an additional 1,169,721 shares during the period. Norges Bank purchased a new position in Biohaven during the fourth quarter worth about $33,711,000. Farallon Capital Management LLC boosted its position 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 worth $165,392,000 after buying an additional 785,578 shares during the period. Janus Henderson Group PLC boosted its position 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 worth $260,735,000 after buying an additional 756,032 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Biohaven by 8.1% during the fourth quarter. Vanguard Group Inc. now owns 8,414,120 shares of the company's stock worth $314,267,000 after buying an additional 628,211 shares during the period. Hedge funds and other institutional investors own 88.78% of the company's stock.

Wall Street Analyst Weigh In

BHVN has been the subject of several recent research reports. Royal Bank Of Canada cut shares of Biohaven from an "outperform" rating to a "sector perform" rating and decreased their price target for the company from $54.00 to $21.00 in a research report on Monday, May 19th. Cantor Fitzgerald upgraded Biohaven to a "strong-buy" rating in a report on Tuesday, May 13th. William Blair upgraded Biohaven to a "strong-buy" rating in a research note on Thursday, April 24th. JPMorgan Chase & Co. decreased their price objective on Biohaven from $68.00 to $55.00 and set an "overweight" rating for the company in a research note on Wednesday, June 18th. Finally, Robert W. Baird decreased their price objective on Biohaven from $60.00 to $57.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $58.46.

Biohaven Price Performance

Shares of NYSE:BHVN traded down $0.02 on Monday, reaching $14.70. The company's stock had a trading volume of 1,222,255 shares, compared to its average volume of 1,946,297. The stock's 50-day moving average is $14.70 and its two-hundred day moving average is $23.41. 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 released its quarterly earnings results on Monday, May 12th. The company reported ($2.17) EPS for the quarter, missing the consensus estimate of ($1.67) by ($0.50). On average, analysts predict that Biohaven Ltd. will post -8.9 EPS for the current 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.