Biohaven (NYSE:BHVN) Shares Gap Up - Time to Buy?

Key Points

• Biohaven shares surged nearly 30%, opening at $16.10 versus a prior close of $11.75, amid heavy trading volume.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and an average price target of $18.69; targets range from $10 to $19.
• Institutional ownership is high at 88.78%, while Biohaven reported a quarterly EPS loss of $0.91, missing the $0.76 consensus estimate.

Biohaven Ltd. (NYSE:BHVN - Get Free Report)'s stock price gapped up prior to trading on Thursday. The stock had previously closed at $11.75, but opened at $16.10. Biohaven shares last traded at $15.1390, with a volume of 16,433,777 shares trading hands.

Analyst Upgrades and Downgrades

BHVN has been the subject of several research analyst reports. Royal Bank Of Canada cut Biohaven from an "outperform" rating to a "sector perform" rating and cut their price objective for the stock from $23.00 to $19.00 in a research report on Tuesday, September 8th. Morgan Stanley raised their target price on Biohaven from $18.00 to $19.00 and gave the company an "overweight" rating in a report on Wednesday, August 12th. HC Wainwright reaffirmed a "neutral" rating and issued a $10.00 target price on shares of Biohaven in a report on Thursday, September 10th. Bank of America reaffirmed an "underperform" rating and issued a $11.00 price target (down from $12.00) on shares of Biohaven in a research report on Monday, June 29th. Finally, Wall Street Zen upgraded Biohaven from a "strong sell" rating to a "sell" rating in a report on Saturday, June 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Biohaven presently has a consensus rating of "Moderate Buy" and an average target price of $18.69.

Biohaven Trading Up 29.9%

The company has a 50 day moving average of $13.53 and a 200 day moving average of $12.65. The firm has a market cap of $2.30 billion, a price-to-earnings ratio of -3.30 and a beta of 1.35. The company has a current ratio of 4.73, a quick ratio of 4.73 and a debt-to-equity ratio of 21.23.

Biohaven (NYSE:BHVN - Get Free Report) last posted its 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). As a group, research analysts anticipate that Biohaven Ltd. will post -3.33 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Biohaven during the 2nd quarter valued at $196,574,000. Janus Henderson Group PLC grew its holdings in shares of Biohaven by 1,145.9% during the first quarter. Janus Henderson Group PLC now owns 17,534,612 shares of the company's stock worth $148,214,000 after purchasing an additional 16,127,247 shares during the last quarter. Jupiter Topco LLC bought a new stake in shares of Biohaven during the second quarter worth $127,852,000. Bank of America Corp DE acquired a new stake in shares of Biohaven in the second quarter valued at $21,990,000. Finally, Stempoint Capital LP acquired a new stake in shares of Biohaven in the first quarter valued at $13,489,000. Institutional investors own 88.78% of the company's stock.

Biohaven Company Profile

Biohaven Ltd. NYSE: BHVN is a biopharmaceutical company focused on discovering, developing and commercializing therapies for neurological and neuropsychiatric diseases, as well as certain immunological and rare disorders. The company's research activities include small-molecule medicines, monoclonal antibodies and other innovative therapeutic approaches.

Biohaven's pipeline has included investigational treatments for conditions such as migraine, obsessive-compulsive disorder, spinal muscular atrophy, amyotrophic lateral sclerosis, mood disorders and autoimmune diseases.

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