Biohaven (NYSE:BHVN) Stock Price Up 9% – Should You Buy?

Biohaven Ltd. (NYSE:BHVN) rose 9% during mid-day trading on Wednesday . The stock traded as high as $10.95 and last traded at $10.9730. Approximately 864,521 shares changed hands during trading, a decline of 63% from the average daily volume of 2,345,064 shares. The stock had previously closed at $10.07.

Wall Street Analysts Forecast Growth

BHVN has been the topic of several analyst reports. Citigroup increased their price target on shares of Biohaven from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Canaccord Genuity Group initiated coverage on shares of Biohaven in a research report on Monday, April 13th. They issued a “buy” rating and a $21.00 target price on the stock. Royal Bank Of Canada cut their target price on shares of Biohaven from $23.00 to $22.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 5th. TD Cowen raised their target price on shares of Biohaven from $15.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, March 11th. Finally, Leerink Partners restated an “outperform” rating and issued a $15.00 target price on shares of Biohaven in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $22.27.

Biohaven Price Performance

The company’s 50 day moving average price is $9.44 and its 200-day moving average price is $10.30. The stock has a market cap of $1.69 billion, a P/E ratio of -1.97 and a beta of 1.32. The company has a quick ratio of 7.41, a current ratio of 7.41 and a debt-to-equity ratio of 1.87.

Biohaven (NYSE:BHVN) last announced its earnings results on Monday, May 4th. The company reported ($0.88) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.02). As a group, sell-side analysts expect that Biohaven Ltd. will post -3 earnings per share for the current year.

Institutional Investors Weigh In On Biohaven

Hedge funds and other institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. increased its stake in Biohaven by 113.7% in 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 increased its stake in Biohaven by 55.4% in the fourth quarter. IFP Advisors Inc now owns 4,069 shares of the company’s stock valued at $46,000 after purchasing an additional 1,450 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Biohaven by 178.4% in the fourth 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 in the last quarter. Arax Advisory Partners increased its stake in 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 purchasing an additional 4,443 shares in the last quarter. Finally, Essential Partners LLC increased its stake in Biohaven by 31.7% in the first quarter. Essential Partners LLC now owns 9,020 shares of the company’s stock valued at $76,000 after purchasing an additional 2,169 shares in 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.