Biohaven (NYSE:BHVN) Sees Unusually-High Trading Volume - Still a Buy?

Key Points

• Biohaven shares fell 15.1% to about $12.67, with 1.68 million shares traded—37% below the prior session’s volume.
• Analyst sentiment remains mixed but leans positive: MarketBeat reports a consensus “Moderate Buy” rating and an $18.69 average price target, despite recent sell and underperform ratings.
• The clinical-stage biotech missed quarterly earnings expectations, reporting an EPS loss of $0.91 versus the estimated $0.76 loss; institutional investors own approximately 88.78% of the stock.

Shares of Biohaven Ltd. (NYSE:BHVN - Get Free Report) saw unusually-high trading volume on Thursday . 1,681,234 shares changed hands during mid-day trading, a decline of 37% from the previous session's volume of 2,649,776 shares.The stock last traded at $12.6670 and had previously closed at $15.00.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on BHVN shares. Wall Street Zen raised Biohaven from a "strong sell" rating to a "sell" rating in a report on Saturday, June 27th. TD Cowen restated a "buy" rating on shares of Biohaven in a research report on Wednesday, August 26th. Canaccord Genuity Group set a $21.00 price objective on Biohaven in a research note on Friday, August 28th. 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 report on Monday, June 29th. Finally, Weiss Ratings reissued a "sell (e+)" rating on shares of Biohaven in a report on Friday, August 28th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.69.

Biohaven Stock Down 15.1%

The company has a current ratio of 4.73, a quick ratio of 4.73 and a debt-to-equity ratio of 21.23. The stock has a 50-day simple moving average of $14.86 and a 200-day simple moving average of $12.10. The company has a market cap of $1.92 billion, a price-to-earnings ratio of -2.74 and a beta of 1.28.

Biohaven (NYSE:BHVN - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.91) EPS for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.15). As a group, analysts predict that Biohaven Ltd. will post -3.33 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BHVN. PNC Financial Services Group Inc. raised its holdings in Biohaven by 113.7% during the third quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company's stock worth $36,000 after purchasing an additional 1,268 shares in the last quarter. IFP Advisors Inc raised its stake in shares of Biohaven by 55.4% in 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 lifted its holdings in shares of Biohaven by 178.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 4,031 shares of the company's stock valued at $46,000 after buying an additional 2,583 shares during the period. Arax Advisory Partners boosted its stake in Biohaven by 943.3% during the fourth quarter. Arax Advisory Partners now owns 4,914 shares of the company's stock valued at $55,000 after buying an additional 4,443 shares in the last quarter. Finally, BlueCrest Capital Management Ltd bought a new position in Biohaven during the second quarter valued at about $60,000. 88.78% of the stock is currently owned by institutional investors.

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.

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