Biohaven (NYSE:BHVN) Shares Gap Down to $53.08

Biohaven Ltd. (NYSE:BHVN - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $53.08, but opened at $50.96. Biohaven shares last traded at $49.83, with a volume of 318,153 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. HC Wainwright lifted their price objective on Biohaven from $50.00 to $63.00 and gave the company a "buy" rating in a research note on Monday, March 4th. Royal Bank of Canada reissued an "outperform" rating and set a $61.00 price objective on shares of Biohaven in a research note on Tuesday, April 9th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Biohaven in a research note on Wednesday, April 10th. TD Cowen lifted their price target on Biohaven from $35.00 to $55.00 and gave the stock an "outperform" rating in a research note on Friday, March 1st. Finally, UBS Group initiated coverage on Biohaven in a research note on Tuesday, February 6th. They set a "buy" rating and a $59.00 price target for the company. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $52.00.

Biohaven Stock Performance

The business has a 50 day moving average price of $52.26 and a two-hundred day moving average price of $41.09. The company has a market cap of $3.65 billion, a P/E ratio of -7.91 and a beta of 1.18.

Biohaven (NYSE:BHVN - Get Free Report) last released its earnings results on Thursday, February 29th. The company reported ($1.81) earnings per share for the quarter, missing analysts' consensus estimates of ($1.41) by ($0.40). As a group, research analysts expect that Biohaven Ltd. will post -5.85 EPS for the current year.

Institutional Investors Weigh In On Biohaven

A number of hedge funds and other institutional investors have recently modified their holdings of BHVN. Point72 Asset Management L.P. increased its holdings in Biohaven by 142.2% during the 4th quarter. Point72 Asset Management L.P. now owns 2,483,567 shares of the company's stock valued at $106,297,000 after purchasing an additional 1,458,072 shares during the period. Bellevue Group AG purchased a new position in Biohaven during the 4th quarter valued at about $46,010,000. Perceptive Advisors LLC increased its holdings in Biohaven by 129.4% during the 4th quarter. Perceptive Advisors LLC now owns 1,725,047 shares of the company's stock valued at $73,832,000 after purchasing an additional 973,227 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Biohaven by 269.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,316,204 shares of the company's stock valued at $18,269,000 after purchasing an additional 959,947 shares during the period. Finally, Norges Bank purchased a new position in Biohaven during the 4th quarter valued at about $9,200,000. Institutional investors own 88.78% of the company's stock.

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.