Biohaven (NYSE:BHVN) Trading 5% Higher – Here’s What Happened

Biohaven Ltd. (NYSE:BHVN) rose 5% during mid-day trading on Thursday . The stock traded as high as $8.54 and last traded at $8.3480. Approximately 2,002,544 shares were traded during trading, a decline of 6% from the average daily volume of 2,136,552 shares. The stock had previously closed at $7.95.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BHVN. Bank of America lowered shares of Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a report on Wednesday, November 5th. Leerink Partners reduced their target price on shares of Biohaven from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 12th. Weiss Ratings reissued a “sell (e+)” rating on shares of Biohaven in a report on Wednesday, October 8th. UBS Group reduced their price objective on Biohaven from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Tuesday, September 16th. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of Biohaven in a research report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Biohaven currently has an average rating of “Moderate Buy” and a consensus price target of $34.21.

Biohaven Stock Up 3.9%

The business’s 50-day moving average is $14.67 and its two-hundred day moving average is $15.37. The firm has a market capitalization of $874.72 million, a price-to-earnings ratio of -1.08 and a beta of 1.10. The company has a debt-to-equity ratio of 1.91, a quick ratio of 3.82 and a current ratio of 2.86.

Biohaven (NYSE:BHVN) last posted its earnings results on Monday, November 10th. The company reported ($1.64) earnings per share for the quarter, topping the consensus estimate of ($1.91) by $0.27. On average, equities analysts anticipate that Biohaven Ltd. will post -8.9 earnings per share for the current year.

Institutional Investors Weigh In On Biohaven

Several large investors have recently modified their holdings of the business. Bank of New York Mellon Corp lifted its holdings in shares of Biohaven by 2.4% during the 1st quarter. Bank of New York Mellon Corp now owns 302,280 shares of the company’s stock valued at $7,267,000 after purchasing an additional 7,202 shares in the last quarter. Envestnet Asset Management Inc. acquired a new stake in Biohaven during the 1st quarter worth approximately $1,545,000. Arizona State Retirement System lifted its stake in Biohaven by 7.9% in the first quarter. Arizona State Retirement System now owns 24,655 shares of the company’s stock valued at $593,000 after buying an additional 1,810 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in shares of Biohaven by 589.9% in the first quarter. New York State Common Retirement Fund now owns 160,251 shares of the company’s stock valued at $3,852,000 after buying an additional 137,024 shares during the period. Finally, CWM LLC boosted its holdings in shares of Biohaven by 87.9% in the first quarter. CWM LLC now owns 13,679 shares of the company’s stock valued at $329,000 after buying an additional 6,400 shares during the period. 88.78% of the stock is currently owned by institutional investors.

About Biohaven

Biohaven Ltd., together with its subsidiaries, focuses on discovering, developing, and commercializing therapies for immunology, neuroscience, and oncology worldwide. The company's pipeline products include Troriluzole, which is in Phase 3 clinical trial for the treatment of neurological and neuropsychiatric illnesses; BHV-5500 that blocks glutamate signaling mediated by post-synaptic NMDA receptors; Taldefgrobep Alfa, which is in Phase 3 clinical trial for the treatment of spinal muscular atrophy and obesity; BHV-7000, a candidate in Phase 2/3 clinical trials for the treatment of focal and generalized epilepsy, bipolar disorder, and major depressive disorder; BHV-2100 that is in Phase 1 clinical trials for the treatment of migraines and neuropathic pain; and BHV-8000, a product candidate in Phase 1 clinical trials for the treatment of early Alzheimer's and Parkinson's disease, sclerosis, and amyloid-related imaging abnormalities.