Biohaven Ltd. $BHVN Shares Sold by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC reduced its holdings in Biohaven Ltd. by 13.4%, selling 95,910 shares to end up with 617,677 shares valued at approximately $14.8 million.
• Biohaven's stock has seen a significant decline, currently trading at $13.75, down from a one-year high of $55.70, with a price-to-earnings ratio of -1.80.
• Analyst ratings on Biohaven have varied, with recent downgrades by Royal Bank of Canada and Morgan Stanley, while three analysts maintain a Strong Buy rating for the stock.

Voya Investment Management LLC lessened its position in shares of Biohaven Ltd. (NYSE:BHVN - Free Report) by 13.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 617,677 shares of the company's stock after selling 95,910 shares during the quarter. Voya Investment Management LLC owned 0.60% of Biohaven worth $14,849,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of BHVN. Millennium Management LLC increased its position in Biohaven by 1,172.9% during the first quarter. Millennium Management LLC now owns 901,258 shares of the company's stock valued at $21,666,000 after acquiring an additional 830,457 shares during the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in Biohaven during the first quarter valued at about $15,481,000. Fiera Capital Corp bought a new stake in Biohaven during the first quarter valued at about $13,983,000. Wellington Management Group LLP grew its holdings in Biohaven by 160.7% during the fourth quarter. Wellington Management Group LLP now owns 634,055 shares of the company's stock valued at $23,682,000 after purchasing an additional 390,888 shares during the period. Finally, Nuveen Asset Management LLC grew its holdings in Biohaven by 55.1% during the fourth quarter. Nuveen Asset Management LLC now owns 919,235 shares of the company's stock valued at $34,333,000 after purchasing an additional 326,636 shares during the period. Hedge funds and other institutional investors own 88.78% of the company's stock.

Biohaven Stock Down 7.6%

NYSE BHVN traded down $1.18 during midday trading on Friday, hitting $14.34. 4,475,390 shares of the company traded hands, compared to its average volume of 2,234,180. 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 company has a market cap of $1.52 billion, a PE ratio of -1.87 and a beta of 1.02. The company's 50-day simple moving average is $14.63 and its 200-day simple moving average is $17.93. 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 announced its earnings results on Monday, August 11th. The company reported ($1.94) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.94). As a group, equities research analysts forecast that Biohaven Ltd. will post -8.9 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on BHVN. HC Wainwright reissued a "buy" rating and set a $30.00 price target (down previously from $54.00) on shares of Biohaven in a report on Tuesday, August 12th. Morgan Stanley dropped their price objective on Biohaven from $63.00 to $54.00 and set an "overweight" rating for the company in a research note on Tuesday, August 12th. Robert W. Baird dropped their price objective on Biohaven from $57.00 to $52.00 and set an "outperform" rating for the company in a research note on Tuesday, August 12th. Bank of America dropped their price objective on Biohaven from $50.00 to $49.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Finally, Raymond James Financial raised Biohaven from a "moderate buy" rating to a "strong-buy" rating in a research note on Wednesday, September 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $51.80.

About Biohaven

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.