Biohaven (NYSE:BHVN) Shares Down 6.3% – Should You Sell?

Biohaven Ltd. (NYSE:BHVN)’s stock price fell 6.3% on Tuesday . The stock traded as low as $11.04 and last traded at $11.0950. 512,645 shares changed hands during trading, a decline of 86% from the average session volume of 3,608,417 shares. The stock had previously closed at $11.84.

Wall Street Analysts Forecast Growth

BHVN has been the subject of several research reports. Royal Bank Of Canada reduced their target price on Biohaven from $19.00 to $9.00 and set a “sector perform” rating for the company in a research report on Thursday, November 6th. Robert W. Baird set a $42.00 price objective on shares of Biohaven in a report on Wednesday, November 5th. UBS Group lowered shares of Biohaven from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $26.00 to $11.00 in a research report on Wednesday, November 26th. Sanford C. Bernstein restated a “market perform” rating and set a $9.00 price target (down previously from $34.00) on shares of Biohaven in a research note on Thursday, November 6th. Finally, Citigroup reaffirmed a “buy” rating on shares of Biohaven in a report on Friday, December 26th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $25.57.

Biohaven Price Performance

The stock has a fifty day moving average of $10.06 and a two-hundred day moving average of $13.29. 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 has a market capitalization of $1.16 billion, a price-to-earnings ratio of -1.45 and a beta of 1.14.

Biohaven (NYSE:BHVN) last announced its earnings results 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, equities research analysts forecast that Biohaven Ltd. will post -8.9 earnings per share for the current year.

Insider Activity at Biohaven

In related news, CAO George C. Clark purchased 17,000 shares of the firm’s stock in a transaction dated Monday, November 17th. The shares were acquired at an average cost of $8.52 per share, with a total value of $144,840.00. Following the completion of the purchase, the chief accounting officer directly owned 20,000 shares of the company’s stock, valued at $170,400. This trade represents a 566.67% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gregory Bailey acquired 400,000 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The stock was bought at an average price of $7.50 per share, with a total value of $3,000,000.00. Following the transaction, the director directly owned 2,020,071 shares in the company, valued at $15,150,532.50. The trade was a 24.69% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 4,416,999 shares of company stock worth $33,144,833. 14.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Biohaven

A number of institutional investors and hedge funds have recently made changes to their positions in BHVN. PNC Financial Services Group Inc. lifted its stake in shares of Biohaven by 113.7% during the third quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company’s stock valued at $36,000 after acquiring an additional 1,268 shares during the period. PFS Partners LLC bought a new stake in Biohaven during the 3rd quarter worth about $60,000. Elkhorn Partners Limited Partnership lifted its position in Biohaven by 26.1% during the 2nd quarter. Elkhorn Partners Limited Partnership now owns 5,800 shares of the company’s stock valued at $82,000 after purchasing an additional 1,200 shares during the period. Focus Partners Wealth bought a new position in shares of Biohaven in the 3rd quarter valued at about $87,000. Finally, Virtus Investment Advisers LLC grew its position in shares of Biohaven by 47.7% during the 2nd quarter. Virtus Investment Advisers LLC now owns 6,032 shares of the company’s stock worth $85,000 after buying an additional 1,949 shares during the period. Institutional investors own 88.78% of the company’s stock.

About Biohaven

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.