Biohaven (NYSE:BHVN) Shares Gap Down - Here's Why

Key Points

• Biohaven shares gapped lower, opening at $14.91 versus a previous close of $15.69, before trading at $15.46 on volume of approximately 443,115 shares.
• Analyst sentiment remains mixed but leans positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $18.69; targets range from $11 to $30.
• Biohaven missed quarterly earnings expectations, reporting a loss of $0.91 per share versus the $0.76 consensus estimate. Institutional investors hold 88.78% of the company’s shares.

Biohaven Ltd. (NYSE:BHVN - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $15.69, but opened at $14.91. Biohaven shares last traded at $15.46, with a volume of 443,115 shares trading hands.

Analyst Upgrades and Downgrades

BHVN has been the subject of several research analyst reports. Wall Street Zen upgraded Biohaven from a "strong sell" rating to a "sell" rating in a research report on Saturday, June 27th. HC Wainwright reaffirmed a "neutral" rating on shares of Biohaven in a research note on Thursday, August 27th. Bank of America reiterated an "underperform" rating and issued a $11.00 price objective (down from $12.00) on shares of Biohaven in a research note on Monday, June 29th. Raymond James Financial reissued a "strong-buy" rating and set a $30.00 price objective on shares of Biohaven in a report on Wednesday, August 26th. Finally, Needham & Company LLC set a $11.00 target price on shares of Biohaven in a research report on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $18.69.

Biohaven Stock Performance

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's 50 day moving average is $14.88 and its 200 day moving average is $12.05. The stock has a market capitalization of $2.28 billion, a price-to-earnings ratio of -3.26 and a beta of 1.28.

Biohaven (NYSE:BHVN - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.91) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.15). On average, analysts predict that Biohaven Ltd. will post -3.33 earnings per share for the current year.

Hedge Funds Weigh In On Biohaven

Several hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC increased its position in shares of Biohaven by 49.4% in the 1st quarter. AQR Capital Management LLC now owns 114,849 shares of the company's stock worth $2,761,000 after purchasing an additional 37,981 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Biohaven by 32.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,833 shares of the company's stock worth $1,747,000 after purchasing an additional 17,562 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Biohaven by 7.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 589,615 shares of the company's stock valued at $14,174,000 after buying an additional 41,040 shares during the last quarter. Intech Investment Management LLC raised its stake in Biohaven by 80.3% during the first quarter. Intech Investment Management LLC now owns 61,598 shares of the company's stock valued at $1,481,000 after buying an additional 27,433 shares in the last quarter. Finally, Quantbot Technologies LP raised its stake in Biohaven by 1,097.8% during the second quarter. Quantbot Technologies LP now owns 8,840 shares of the company's stock valued at $125,000 after buying an additional 8,102 shares in the last quarter. Institutional investors and hedge funds own 88.78% of the company's stock.

Biohaven Company Profile

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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