Biohaven (NYSE:BHVN) Shares Up 5.2% – Time to Buy?

Shares of Biohaven Ltd. (NYSE:BHVN) shot up 5.2% on Wednesday . The company traded as high as $10.68 and last traded at $10.66. 529,410 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 2,413,721 shares. The stock had previously closed at $10.13.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. 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. Citigroup increased 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. Wall Street Zen cut Biohaven from a “sell” rating to a “strong sell” rating in a research note on Sunday, April 26th. The Goldman Sachs Group upgraded Biohaven to a “strong-buy” rating in a research note on Friday, February 6th. Finally, Canaccord Genuity Group assumed coverage on Biohaven in a research note on Monday, April 13th. They issued a “buy” rating and a $21.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.27.

Biohaven Stock Performance

The firm has a market capitalization of $1.61 billion, a P/E ratio of -1.88 and a beta of 1.35. The company has a current ratio of 7.41, a quick ratio of 7.41 and a debt-to-equity ratio of 1.87. The company has a 50-day moving average of $9.57 and a 200-day moving average of $10.38.

Biohaven (NYSE:BHVN) last announced its earnings results on Monday, May 4th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($0.02). On average, equities analysts anticipate that Biohaven Ltd. will post -3.01 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Essential Partners LLC raised its position in Biohaven by 31.7% during the 1st quarter. Essential Partners LLC now owns 9,020 shares of the company’s stock worth $76,000 after purchasing an additional 2,169 shares during the last quarter. Stempoint Capital LP bought a new position in Biohaven during the 1st quarter worth $13,489,000. Janus Henderson Group PLC raised its position in Biohaven by 1,145.9% during the 1st quarter. Janus Henderson Group PLC now owns 17,534,612 shares of the company’s stock worth $148,214,000 after purchasing an additional 16,127,247 shares during the last quarter. ADAR1 Capital Management LLC raised its position in Biohaven by 30.6% during the 1st quarter. ADAR1 Capital Management LLC now owns 44,777 shares of the company’s stock worth $379,000 after purchasing an additional 10,500 shares during the last quarter. Finally, Amundi raised its position in Biohaven by 89.7% during the 1st quarter. Amundi now owns 19,749 shares of the company’s stock worth $167,000 after purchasing an additional 9,341 shares during the last quarter. 88.78% of the stock is owned by institutional investors.

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.