Biohaven (NYSE:BHVN) Sees Unusually-High Trading Volume

Biohaven Ltd. (NYSE:BHVN) shares saw unusually-strong trading volume on Thursday . Approximately 741,668 shares were traded during trading, a decline of 37% from the previous session’s volume of 1,176,001 shares.The stock last traded at $42.13 and had previously closed at $44.03.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on BHVN shares. TD Cowen upped their price target on Biohaven from $35.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. HC Wainwright boosted their price target on shares of Biohaven from $50.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, March 4th. Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 target price on shares of Biohaven in a research report on Tuesday, April 9th. UBS Group began coverage on Biohaven in a research note on Tuesday, February 6th. They set a “buy” rating and a $59.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their target price on Biohaven from $32.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $52.00.

Biohaven Stock Performance

The business has a 50 day simple moving average of $51.84 and a 200-day simple moving average of $41.34. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of -6.89 and a beta of 1.18.

Biohaven (NYSE:BHVN) last released its quarterly earnings data on Thursday, February 29th. The company reported ($1.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.41) by ($0.40). Equities analysts predict that Biohaven Ltd. will post -5.85 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BHVN. US Bancorp DE raised its position in Biohaven by 19.1% in the first quarter. US Bancorp DE now owns 586 shares of the company’s stock valued at $70,000 after purchasing an additional 94 shares during the period. Cetera Advisor Networks LLC acquired a new position in Biohaven in the first quarter valued at about $332,000. AlphaCrest Capital Management LLC purchased a new position in Biohaven during the first quarter worth about $344,000. BlackRock Inc. increased its position in shares of Biohaven by 0.5% during the first quarter. BlackRock Inc. now owns 4,656,866 shares of the company’s stock valued at $552,163,000 after acquiring an additional 21,586 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Biohaven by 55.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 82,599 shares of the company’s stock valued at $9,794,000 after acquiring an additional 29,413 shares during the period. 88.78% of the stock is currently owned by institutional investors and hedge funds.

Biohaven Company Profile

Biohaven Ltd., together with its subsidiaries, focuses on discovering, developing, and commercializing therapies for immunology, neuroscience, and oncology worldwide. The company's pipeline products include Troriluzole, which is in Phase 3 clinical trial for the treatment of neurological and neuropsychiatric illnesses; BHV-5500 that blocks glutamate signaling mediated by post-synaptic NMDA receptors; Taldefgrobep Alfa, which is in Phase 3 clinical trial for the treatment of spinal muscular atrophy and obesity; BHV-7000, a candidate in Phase 2/3 clinical trials for the treatment of focal and generalized epilepsy, bipolar disorder, and major depressive disorder; BHV-2100 that is in Phase 1 clinical trials for the treatment of migraines and neuropathic pain; and BHV-8000, a product candidate in Phase 1 clinical trials for the treatment of early Alzheimer's and Parkinson's disease, sclerosis, and amyloid-related imaging abnormalities.