Biohaven (NYSE:BHVN) Shares Down 5% – Here’s Why

Shares of Biohaven Ltd. (NYSE:BHVN) dropped 5% during trading on Tuesday . The company traded as low as $10.00 and last traded at $10.0150. Approximately 1,359,951 shares traded hands during trading, a decline of 40% from the average daily volume of 2,262,914 shares. The stock had previously closed at $10.54.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. William Blair restated a “market perform” rating on shares of Biohaven in a research report on Tuesday, November 11th. BTIG Research reiterated a “buy” rating and issued a $16.00 target price on shares of Biohaven in a research note on Tuesday, November 18th. UBS Group lowered Biohaven from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $26.00 to $11.00 in a research note on Wednesday, November 26th. TD Cowen cut their price objective on Biohaven from $50.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Biohaven in a research report on Monday, December 1st. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $25.93.

Biohaven Stock Down 3.7%

The company has a market capitalization of $1.07 billion, a P/E ratio of -1.34 and a beta of 1.14. The company has a current ratio of 2.86, a quick ratio of 2.86 and a debt-to-equity ratio of 1.91. The stock’s fifty day moving average is $12.81 and its 200 day moving average is $14.08.

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

Insider Activity at Biohaven

In other news, Director Gregory Bailey bought 400,000 shares of the firm’s stock in a transaction dated Thursday, November 13th. The stock was purchased at an average price of $7.50 per share, with a total value of $3,000,000.00. Following the transaction, the director 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vlad Coric purchased 666,666 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The shares were purchased at an average price of $7.50 per share, for a total transaction of $4,999,995.00. Following the completion of the transaction, the chief executive officer directly owned 1,195,275 shares of the company’s stock, valued at $8,964,562.50. This represents a 126.12% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders bought 4,416,999 shares of company stock worth $33,144,833. 14.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Biohaven

Several institutional investors and hedge funds have recently added to or reduced their stakes in BHVN. Bellevue Group AG boosted its holdings in shares of Biohaven by 37.3% during the 2nd quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock valued at $39,548,000 after buying an additional 762,000 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Biohaven by 31.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,572,042 shares of the company’s stock worth $36,292,000 after purchasing an additional 612,209 shares in the last quarter. Armistice Capital LLC raised its holdings in Biohaven by 27.6% in the second quarter. Armistice Capital LLC now owns 2,136,000 shares of the company’s stock worth $30,139,000 after buying an additional 462,578 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Biohaven by 3.7% in the second quarter. Geode Capital Management LLC now owns 2,030,919 shares of the company’s stock worth $28,660,000 after buying an additional 71,939 shares in the last quarter. Finally, Holocene Advisors LP grew its holdings in shares of Biohaven by 19.1% during the second quarter. Holocene Advisors LP now owns 1,495,641 shares of the company’s stock valued at $21,103,000 after buying an additional 239,889 shares during the last quarter. Hedge funds and other institutional investors own 88.78% of the company’s stock.

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.