Biohaven (NYSE:BHVN) Shares Gap Down – What’s Next?

Shares of Biohaven Ltd. (NYSE:BHVN) gapped down prior to trading on Monday . The stock had previously closed at $15.83, but opened at $14.32. Biohaven shares last traded at $14.4560, with a volume of 428,131 shares.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on BHVN shares. Wall Street Zen upgraded Biohaven from a “strong sell” rating to a “sell” rating in a research note on Saturday. Raymond James Financial reiterated a “strong-buy” rating on shares of Biohaven in a research note on Wednesday, May 27th. Leerink Partners reissued an “outperform” rating and issued a $15.00 price target on shares of Biohaven in a report on Tuesday, March 3rd. Royal Bank Of Canada lowered their price objective on Biohaven from $23.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday, May 5th. Finally, Canaccord Genuity Group assumed coverage on Biohaven in a research report on Monday, April 13th. They issued a “buy” rating and a $21.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $21.62.

Biohaven Price Performance

The firm has a market capitalization of $2.24 billion, a price-to-earnings ratio of -2.63 and a beta of 1.35. The company’s fifty day moving average price is $10.89 and its 200 day moving average price is $10.83. The company has a debt-to-equity ratio of 1.87, a quick ratio of 7.41 and a current ratio of 7.41.

Biohaven (NYSE:BHVN) last posted 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). Equities research analysts expect that Biohaven Ltd. will post -3.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. raised 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 purchasing an additional 1,268 shares in the last quarter. IFP Advisors Inc lifted its position in Biohaven by 55.4% in the fourth quarter. IFP Advisors Inc now owns 4,069 shares of the company’s stock worth $46,000 after purchasing an additional 1,450 shares during the period. EverSource Wealth Advisors LLC increased its position in shares of Biohaven by 178.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 4,031 shares of the company’s stock valued at $46,000 after purchasing an additional 2,583 shares during the period. Arax Advisory Partners lifted its holdings in shares of Biohaven by 943.3% in the fourth quarter. Arax Advisory Partners now owns 4,914 shares of the company’s stock valued at $55,000 after buying an additional 4,443 shares during the period. Finally, Essential Partners LLC grew its holdings in Biohaven by 31.7% during the first quarter. Essential Partners LLC now owns 9,020 shares of the company’s stock worth $76,000 after acquiring an additional 2,169 shares during the period. Institutional investors and hedge funds own 88.78% of the company’s stock.

Biohaven Company Profile

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.