Biohaven (NYSE:BHVN) Shares Down 2.2% Following Analyst Downgrade

Biohaven Ltd. (NYSE:BHVNGet Free Report)’s stock price was down 2.2% during mid-day trading on Monday after HC Wainwright lowered their price target on the stock from $63.00 to $59.00. HC Wainwright currently has a buy rating on the stock. Biohaven traded as low as $34.74 and last traded at $34.91. Approximately 266,680 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 1,231,839 shares. The stock had previously closed at $35.69.

A number of other equities research analysts also recently issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $61.00 target price on shares of Biohaven in a report on Tuesday, April 9th. UBS Group boosted their price objective on shares of Biohaven from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. increased their target price on Biohaven from $32.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. TD Cowen boosted their price target on Biohaven from $35.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a report on Thursday, April 18th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $51.63.

Get Our Latest Stock Analysis on BHVN

Insider Transactions at Biohaven

In other Biohaven news, Director Gregory Bailey bought 25,503 shares of the stock in a transaction on Wednesday, April 24th. The stock was purchased at an average price of $39.18 per share, for a total transaction of $999,207.54. Following the completion of the purchase, the director now directly owns 1,600,071 shares in the company, valued at $62,690,781.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Gregory Bailey bought 25,503 shares of the stock in a transaction dated Wednesday, April 24th. The stock was bought at an average cost of $39.18 per share, with a total value of $999,207.54. Following the completion of the acquisition, the director now owns 1,600,071 shares of the company’s stock, valued at $62,690,781.78. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Vlad Coric purchased 121,951 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were bought at an average price of $41.00 per share, for a total transaction of $4,999,991.00. Following the completion of the transaction, the chief executive officer now directly owns 1,788,417 shares in the company, valued at approximately $73,325,097. The disclosure for this purchase can be found here. In the last quarter, insiders bought 196,234 shares of company stock worth $7,999,179. 16.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Biohaven

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in Biohaven by 280.5% in the first quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock worth $345,031,000 after purchasing an additional 4,650,702 shares during the period. Point72 Asset Management L.P. lifted its stake in shares of Biohaven by 142.2% in the 4th quarter. Point72 Asset Management L.P. now owns 2,483,567 shares of the company’s stock worth $106,297,000 after acquiring an additional 1,458,072 shares during the period. Bellevue Group AG bought a new position in shares of Biohaven in the fourth quarter valued at approximately $46,010,000. Perceptive Advisors LLC boosted its holdings in shares of Biohaven by 129.4% in the fourth quarter. Perceptive Advisors LLC now owns 1,725,047 shares of the company’s stock valued at $73,832,000 after acquiring an additional 973,227 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Biohaven by 33.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,134,323 shares of the company’s stock valued at $134,150,000 after acquiring an additional 791,181 shares during the period. Institutional investors own 88.78% of the company’s stock.

Biohaven Price Performance

The stock has a market cap of $2.99 billion, a P/E ratio of -4.95 and a beta of 1.26. The company has a fifty day moving average of $48.91 and a 200 day moving average of $43.01.

Biohaven (NYSE:BHVNGet Free Report) last released its earnings results on Thursday, February 29th. The company reported ($1.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.40). As a group, analysts anticipate that Biohaven Ltd. will post -5.79 EPS for the current year.

About Biohaven

(Get Free Report)

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.

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