Biohaven’s (BHVN) “Underperform” Rating Reaffirmed at Bank of America

Biohaven (NYSE:BHVN)‘s stock had its “underperform” rating restated by equities researchers at Bank of America in a research report issued on Monday,Benzinga reports. They currently have a $11.00 price objective on the stock, down from their previous price objective of $12.00. Bank of America‘s price objective points to a potential downside of 30.34% from the company’s current price.

Several other research analysts have also commented on BHVN. HC Wainwright reissued a “neutral” rating and set a $10.00 price objective on shares of Biohaven in a report on Tuesday, May 26th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Biohaven in a research note on Tuesday, June 2nd. Citigroup increased their target price on shares of Biohaven from $14.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. Wall Street Zen upgraded shares of Biohaven from a “strong sell” rating to a “sell” rating in a research report on Saturday. Finally, Morgan Stanley lowered their price target on shares of Biohaven from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.33.

Biohaven Price Performance

Shares of NYSE:BHVN opened at $15.79 on Monday. The company has a 50 day moving average of $10.89 and a 200 day moving average of $10.83. 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 stock has a market cap of $2.38 billion, a P/E ratio of -2.79 and a beta of 1.35. Biohaven has a 12 month low of $7.48 and a 12 month high of $18.57.

Biohaven (NYSE:BHVN) last posted 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). As a group, sell-side analysts forecast that Biohaven will post -3.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Biohaven

Several hedge funds have recently made changes to their positions in the business. Defilade Capital Management L.P. purchased a new position in shares of Biohaven during the first quarter valued at approximately $2,673,000. Essential Partners LLC increased its position in shares of Biohaven by 31.7% during the first quarter. Essential Partners LLC now owns 9,020 shares of the company’s stock valued at $76,000 after buying an additional 2,169 shares during the period. Stempoint Capital LP purchased a new position in shares of Biohaven during the 1st quarter worth approximately $13,489,000. Janus Henderson Group PLC raised its position in shares of Biohaven by 1,145.9% in the 1st 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. Finally, ADAR1 Capital Management LLC raised its position in shares of Biohaven by 30.6% in the 1st quarter. ADAR1 Capital Management LLC now owns 44,777 shares of the company’s stock worth $379,000 after acquiring an additional 10,500 shares in the last quarter. 88.78% of the stock is owned by hedge funds and other 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.