Biohaven (NYSE:BHVN) Stock Price Down 3.2% – Here’s Why

Biohaven Ltd. (NYSE:BHVN) shares traded down 3.2% during trading on Monday . The stock traded as low as $9.62 and last traded at $9.38. 335,175 shares were traded during trading, a decline of 85% from the average session volume of 2,225,599 shares. The stock had previously closed at $9.69.

Wall Street Analysts Forecast Growth

BHVN has been the subject of several research reports. JPMorgan Chase & Co. lowered their target price on Biohaven from $47.00 to $15.00 and set an “overweight” rating for the company in a report on Thursday. Citigroup decreased their price objective on Biohaven from $28.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, November 13th. UBS Group dropped their target price on shares of Biohaven from $27.00 to $26.00 and set a “buy” rating on the stock in a report on Tuesday, September 16th. Sanford C. Bernstein restated a “market perform” rating and issued a $9.00 price target (down previously from $34.00) on shares of Biohaven in a report on Thursday, November 6th. Finally, TD Cowen lowered their price target on shares of Biohaven from $50.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $28.36.

Biohaven Stock Performance

The firm has a market capitalization of $1.03 billion, a PE ratio of -1.28 and a beta of 1.10. The company has a quick ratio of 2.86, a current ratio of 2.86 and a debt-to-equity ratio of 1.91. The company’s 50-day simple moving average is $13.87 and its 200 day simple moving average is $14.71.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data on Monday, November 10th. The company reported ($1.64) EPS for the quarter, topping the consensus estimate of ($1.91) by $0.27. As a group, sell-side analysts expect that Biohaven Ltd. will post -8.9 EPS for the current year.

Insiders Place Their Bets

In other Biohaven news, CAO George C. Clark purchased 17,000 shares of the stock in a transaction on Monday, November 17th. The stock was acquired at an average price of $8.52 per share, with a total value of $144,840.00. Following the completion of the acquisition, the chief accounting officer owned 20,000 shares in the company, valued at $170,400. The trade was a 566.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gregory Bailey purchased 400,000 shares of the company’s stock in a transaction dated Thursday, November 13th. The shares were acquired at an average price of $7.50 per share, for a total transaction of $3,000,000.00. Following the purchase, the director directly owned 2,020,071 shares of the company’s stock, valued at approximately $15,150,532.50. The trade was a 24.69% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 4,416,999 shares of company stock worth $33,144,833 over the last quarter. Company insiders own 16.00% of the company’s stock.

Institutional Trading of Biohaven

Several large investors have recently bought and sold shares of BHVN. SVB Wealth LLC acquired a new stake in shares of Biohaven during the first quarter worth $25,000. PNC Financial Services Group Inc. grew its position in Biohaven by 113.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company’s stock worth $36,000 after purchasing an additional 1,268 shares during the period. PFS Partners LLC acquired a new stake in Biohaven during the third quarter worth about $60,000. IFP Advisors Inc raised its position in Biohaven by 84,800.0% during the first quarter. IFP Advisors Inc now owns 2,547 shares of the company’s stock valued at $61,000 after acquiring an additional 2,544 shares in the last quarter. Finally, Elkhorn Partners Limited Partnership lifted its holdings in Biohaven by 26.1% in the second quarter. Elkhorn Partners Limited Partnership now owns 5,800 shares of the company’s stock valued at $82,000 after acquiring an additional 1,200 shares during the period. Hedge funds and other institutional investors own 88.78% of the company’s stock.

Biohaven Company Profile

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.