Biohaven (NYSE:BHVN) Stock Price Down 8% – Here’s What Happened

Shares of Biohaven Ltd. (NYSE:BHVN) fell 8% during trading on Monday . The stock traded as low as $10.10 and last traded at $9.97. 991,990 shares were traded during trading, a decline of 33% from the average session volume of 1,483,395 shares. The stock had previously closed at $10.84.

Wall Street Analysts Forecast Growth

BHVN has been the topic of several recent research reports. Sanford C. Bernstein restated a “market perform” rating and issued a $9.00 price target (down previously from $34.00) on shares of Biohaven in a research report on Thursday, November 6th. Cowen reissued a “buy” rating on shares of Biohaven in a research note on Wednesday, November 5th. Bank of America lowered Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a research report on Wednesday, November 5th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Biohaven in a report on Wednesday, November 5th. Finally, Morgan Stanley decreased their price target on Biohaven from $26.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $25.57.

Biohaven Stock Up 21.9%

The company has a debt-to-equity ratio of 1.91, a current ratio of 2.86 and a quick ratio of 2.86. The firm has a market cap of $1.24 billion, a PE ratio of -1.54 and a beta of 1.14. The business has a fifty day moving average price of $10.37 and a two-hundred day moving average price of $13.37.

Biohaven (NYSE:BHVN) last announced its quarterly earnings data on Monday, November 10th. The company reported ($1.64) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.91) by $0.27. On average, analysts anticipate that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Insider Activity at Biohaven

In related news, Director Gregory Bailey bought 400,000 shares of the business’s stock in a transaction on Thursday, November 13th. The stock was bought at an average price of $7.50 per share, for a total transaction of $3,000,000.00. Following the transaction, the director directly owned 2,020,071 shares in the company, valued at $15,150,532.50. This represents a 24.69% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John W. Childs bought 3,333,333 shares of the firm’s stock in a transaction on Thursday, November 13th. The shares were bought at an average cost of $7.50 per share, with a total value of $24,999,997.50. Following the purchase, the director directly owned 5,653,904 shares in the company, valued at approximately $42,404,280. This trade represents a 143.64% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 4,416,999 shares of company stock valued at $33,144,833. 16.00% of the stock is owned by company insiders.

Institutional Trading of Biohaven

Several large investors have recently added to or reduced their stakes in BHVN. Y Intercept Hong Kong Ltd grew its stake in Biohaven by 838.2% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 251,882 shares of the company’s stock valued at $3,554,000 after buying an additional 225,036 shares during the last quarter. Norges Bank acquired a new position in Biohaven during the 2nd quarter worth $12,735,000. Bellevue Group AG lifted its position in Biohaven by 37.3% during the 2nd quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock worth $39,548,000 after acquiring an additional 762,000 shares during the last quarter. Simplify Asset Management Inc. bought a new stake in Biohaven during the second quarter valued at about $1,360,000. Finally, JPMorgan Chase & Co. grew its position in shares of Biohaven by 31.2% in the second quarter. JPMorgan Chase & Co. now owns 2,572,042 shares of the company’s stock valued at $36,292,000 after purchasing an additional 612,209 shares during the last quarter. 88.78% of the stock is owned by institutional investors.

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.