Biohaven (NYSE:BHVN) Shares Gap Up – Time to Buy?

Biohaven Ltd. (NYSE:BHVN)’s share price gapped up before the market opened on Monday . The stock had previously closed at $9.92, but opened at $11.89. Biohaven shares last traded at $9.5850, with a volume of 2,645,329 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Biohaven from $47.00 to $15.00 and set an “overweight” rating for the company in a research note on Thursday, November 20th. Royal Bank Of Canada boosted their price target on Biohaven from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Tuesday, March 3rd. William Blair reiterated a “market perform” rating on shares of Biohaven in a research note on Friday, December 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Biohaven in a research note on Monday, December 29th. Finally, Leerink Partners reaffirmed an “outperform” rating and issued a $15.00 target price on shares of Biohaven in a report on Tuesday, March 3rd. Three research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Biohaven currently has a consensus rating of “Moderate Buy” and an average price target of $23.93.

Biohaven Price Performance

The stock has a market capitalization of $1.05 billion, a P/E ratio of -1.43 and a beta of 1.15. The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 4.59. The company has a fifty day simple moving average of $11.63 and a two-hundred day simple moving average of $12.59.

Biohaven (NYSE:BHVN) last issued its quarterly earnings results on Monday, March 2nd. The company reported ($1.21) EPS for the quarter, topping the consensus estimate of ($1.22) by $0.01. Sell-side analysts expect that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Biohaven

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC increased its stake in shares of Biohaven by 49.4% in the 1st quarter. AQR Capital Management LLC now owns 114,849 shares of the company’s stock valued at $2,761,000 after acquiring an additional 37,981 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Biohaven by 32.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,833 shares of the company’s stock valued at $1,747,000 after purchasing an additional 17,562 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Biohaven by 7.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 589,615 shares of the company’s stock valued at $14,174,000 after purchasing an additional 41,040 shares during the period. Intech Investment Management LLC increased its stake in Biohaven by 80.3% in the first quarter. Intech Investment Management LLC now owns 61,598 shares of the company’s stock valued at $1,481,000 after purchasing an additional 27,433 shares in the last quarter. Finally, Simplify Asset Management Inc. acquired a new stake in Biohaven in the second quarter worth $1,360,000. Institutional investors own 88.78% of the company’s stock.

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.