Biohaven (NYSE:BHVN) Trading 6.6% Higher - Here's Why

Key Points

• Biohaven shares rose 6.6% to approximately $14.59, although trading volume was about 85% below the average session level.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $21.75, despite ratings ranging from Strong Buy to Sell.
• Institutional ownership stands at 88.78%, supported by major stake increases from Janus Henderson and Suvretta Capital, while Biohaven reported a quarterly loss of $0.91 per share that missed expectations.

Biohaven Ltd. (NYSE:BHVN - Get Free Report) shot up 6.6% during trading on Tuesday . The stock traded as high as $14.49 and last traded at $14.5850. Approximately 379,458 shares traded hands during trading, a decline of 85% from the average session volume of 2,540,132 shares. The stock had previously closed at $13.68.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Weiss Ratings reiterated a "sell (e+)" rating on shares of Biohaven in a research note on Tuesday, June 2nd. Royal Bank Of Canada increased their price objective on Biohaven from $22.00 to $23.00 and gave the stock an "outperform" rating in a report on Tuesday, August 11th. HC Wainwright reaffirmed a "neutral" rating and set a $10.00 target price on shares of Biohaven in a report on Tuesday, May 26th. Morgan Stanley increased their price target on shares of Biohaven from $18.00 to $19.00 and gave the stock an "overweight" rating in a report on Wednesday, August 12th. Finally, Bank of America reaffirmed an "underperform" rating and set a $11.00 target price (down from $12.00) on shares of Biohaven in a report on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $21.75.

Biohaven Price Performance

The business's fifty day moving average price is $14.62 and its 200-day moving average price is $11.76. The company has a market capitalization of $2.17 billion, a P/E ratio of -3.10 and a beta of 1.26. 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 released its quarterly earnings results on Monday, August 10th. The company reported ($0.91) earnings per share for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.15). As a group, sell-side analysts predict that Biohaven Ltd. will post -3.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Janus Henderson Group PLC boosted its stake in shares of Biohaven by 1,145.9% in the 1st quarter. Janus Henderson Group PLC now owns 17,534,612 shares of the company's stock valued at $148,214,000 after purchasing an additional 16,127,247 shares in the last quarter. BlackRock Inc. bought a new stake in Biohaven in the second quarter worth $196,574,000. Jupiter Topco LLC purchased a new stake in Biohaven during the second quarter valued at about $127,852,000. Suvretta Capital Management LLC boosted its position in Biohaven by 83.0% during the fourth quarter. Suvretta Capital Management LLC now owns 10,286,937 shares of the company's stock valued at $116,140,000 after buying an additional 4,666,666 shares during the period. Finally, Infinitum Asset Management LLC grew its stake in shares of Biohaven by 267.6% during the fourth quarter. Infinitum Asset Management LLC now owns 6,250,000 shares of the company's stock valued at $70,562,000 after buying an additional 4,550,000 shares during the last quarter. 88.78% of the stock is currently owned by institutional investors.

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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