Biohaven (NYSE:BHVN) Shares Up 9.4% - Here's What Happened

Key Points

• Biohaven shares rose 9.4% to about $13.15, with trading volume substantially below the stock’s average daily volume.
• Analyst sentiment remains mixed but leans positive: the stock has a consensus “Moderate Buy” rating and an average price target of $18.69, despite ratings ranging from Strong Buy to Sell.
• Biohaven reported a quarterly loss of $0.91 per share, missing the $0.76 consensus estimate; institutional investors and hedge funds own approximately 88.78% of the company’s shares.

Shares of Biohaven Ltd. (NYSE:BHVN - Get Free Report) shot up 9.4% during trading on Thursday . The company traded as high as $13.06 and last traded at $13.1460. 953,347 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 2,674,066 shares. The stock had previously closed at $12.02.

Wall Street Analysts Forecast Growth

BHVN has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Biohaven in a report on Friday, June 26th. Bank of America reiterated an "underperform" rating and set a $11.00 price target (down from $12.00) on shares of Biohaven in a research report on Monday, June 29th. Morgan Stanley upped their price objective on Biohaven from $18.00 to $19.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 12th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Biohaven in a research note on Friday, August 28th. Finally, Wall Street Zen raised shares of 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 given a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Biohaven has a consensus rating of "Moderate Buy" and an average target price of $18.69.

Biohaven Trading Up 10.7%

The company has a debt-to-equity ratio of 21.23, a quick ratio of 4.73 and a current ratio of 4.73. The company has a 50 day moving average of $14.51 and a two-hundred day moving average of $12.13. The stock has a market cap of $2.01 billion, a PE ratio of -2.87 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) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.15). Sell-side analysts anticipate that Biohaven Ltd. will post -3.33 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biohaven

A number of large investors have recently added to or reduced their stakes in BHVN. BlueCrest Capital Management Ltd purchased a new position in Biohaven in the 2nd quarter worth approximately $60,000. EverSource Wealth Advisors LLC increased its holdings in Biohaven by 178.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 4,031 shares of the company's stock valued at $46,000 after purchasing an additional 2,583 shares during the last quarter. IFP Advisors Inc raised its position in Biohaven by 55.4% in the fourth quarter. IFP Advisors Inc now owns 4,069 shares of the company's stock valued at $46,000 after purchasing an additional 1,450 shares during the period. Leonteq Securities AG acquired a new position in Biohaven during the fourth quarter worth $78,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Biohaven during the fourth quarter worth $81,000. 88.78% of the stock is currently owned by institutional investors and hedge funds.

About Biohaven

Biohaven Ltd. is a clinical-stage biopharmaceutical company focused on developing therapies for neurological and immunological disorders. The company's research programs use a range of approaches, including small-molecule medicines, biologics and other targeted therapies, with the goal of addressing diseases that have limited or inadequate treatment options.

Biohaven's pipeline has included investigational treatments for conditions such as epilepsy, obsessive-compulsive disorder, neurodegenerative diseases, neuroinflammatory disorders and immune-mediated diseases.

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