Biohaven (NYSE:BHVN) Stock Price Down 8.9% - Should You Sell?

Key Points

• Biohaven shares fell 8.9% to about $13.53, with trading volume 55% below the average daily level.
• Analyst sentiment remains cautiously positive: the stock has a “Moderate Buy” consensus rating and an average price target of $18.69, although RBC downgraded it to “sector perform” and Weiss Ratings maintained a sell rating.
• Biohaven missed its latest quarterly earnings estimate, reporting an adjusted loss of $0.91 per share versus the expected $0.76 loss. Analysts expect a full-year loss of $3.33 per share, while institutional investors own 88.78% of the stock.

Biohaven Ltd. (NYSE:BHVN - Get Free Report) traded down 8.9% on Wednesday . The company traded as low as $13.53 and last traded at $13.5340. 1,222,212 shares changed hands during trading, a decline of 55% from the average session volume of 2,716,987 shares. The stock had previously closed at $14.85.

Analyst Upgrades and Downgrades

BHVN has been the topic of a number of recent research reports. Needham & Company LLC set a $11.00 price target on Biohaven in a research report on Monday, June 29th. Morgan Stanley upped their price objective on shares of Biohaven from $18.00 to $19.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th. Canaccord Genuity Group set a $21.00 target price on shares of Biohaven in a report on Friday, August 28th. Royal Bank Of Canada downgraded shares of Biohaven from an "outperform" rating to a "sector perform" rating and cut their target price for the company from $23.00 to $19.00 in a research report on Tuesday, September 8th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Biohaven in a report on Friday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given 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, Biohaven presently has an average rating of "Moderate Buy" and an average target price of $18.69.

Biohaven Stock Performance

The firm's 50 day moving average is $14.38 and its 200 day moving average is $12.22. 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 stock has a market cap of $2.06 billion, a P/E ratio of -2.94 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 (EPS) for the quarter, missing the consensus estimate of ($0.76) by ($0.15). Analysts anticipate that Biohaven Ltd. will post -3.33 EPS for the current year.

Hedge Funds Weigh In On Biohaven

Several hedge funds have recently made changes to their positions in BHVN. Opaleye Management Inc. acquired a new stake in shares of Biohaven during the second quarter worth about $1,159,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Biohaven during the 2nd quarter worth about $60,000. Engineers Gate Manager LP acquired a new stake in shares of Biohaven during the 2nd quarter valued at about $581,000. Integrated Wealth Concepts LLC increased its stake in shares of Biohaven by 10.4% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 12,653 shares of the company's stock valued at $188,000 after purchasing an additional 1,189 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings in Biohaven by 1,525.3% in the 2nd quarter. NewEdge Advisors LLC now owns 16,659 shares of the company's stock worth $248,000 after purchasing an additional 15,634 shares during the period. 88.78% of the stock is 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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