Biohaven (NYSE:BHVN) Shares Down 6.3% – Here’s What Happened

Shares of Biohaven Ltd. (NYSE:BHVN) dropped 6.3% during trading on Thursday . The company traded as low as $10.69 and last traded at $10.58. Approximately 318,335 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 2,365,171 shares. The stock had previously closed at $11.29.

Analyst Upgrades and Downgrades

BHVN has been the subject of a number of analyst reports. HC Wainwright reaffirmed a “neutral” rating and issued a $10.00 price target on shares of Biohaven in a research note on Tuesday. Morgan Stanley dropped their price target on Biohaven from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. Citigroup boosted their price target on Biohaven from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. The Goldman Sachs Group raised Biohaven to a “strong-buy” rating in a research note on Friday, February 6th. Finally, Royal Bank Of Canada dropped their price target on Biohaven from $23.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday, May 5th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.27.

Biohaven Stock Performance

The company has a quick ratio of 7.41, a current ratio of 7.41 and a debt-to-equity ratio of 1.87. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of -1.87 and a beta of 1.32. The company has a 50 day simple moving average of $9.47 and a 200 day simple moving average of $10.32.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, May 4th. The company reported ($0.88) EPS for the quarter, missing the consensus estimate of ($0.86) by ($0.02). As a group, equities research analysts forecast that Biohaven Ltd. will post -3.01 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Janus Henderson Group PLC raised its stake in Biohaven by 1,145.9% during the first quarter. Janus Henderson Group PLC now owns 17,534,612 shares of the company’s stock worth $148,214,000 after acquiring an additional 16,127,247 shares in the last quarter. Suvretta Capital Management LLC raised its stake in Biohaven by 83.0% during the fourth quarter. Suvretta Capital Management LLC now owns 10,286,937 shares of the company’s stock worth $116,140,000 after acquiring an additional 4,666,666 shares in the last quarter. Stifel Financial Corp raised its stake in Biohaven by 50.3% during the fourth quarter. Stifel Financial Corp now owns 9,939,856 shares of the company’s stock worth $112,221,000 after acquiring an additional 3,328,506 shares in the last quarter. Infinitum Asset Management LLC grew its holdings 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 worth $70,562,000 after purchasing an additional 4,550,000 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Biohaven by 34.2% during the fourth quarter. State Street Corp now owns 5,716,487 shares of the company’s stock worth $64,539,000 after purchasing an additional 1,458,204 shares during the last quarter. Institutional investors and hedge funds 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.