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

Biohaven Ltd. (NYSE:BHVN)’s share price was down 8% on Friday . The stock traded as low as $44.68 and last traded at $44.76. Approximately 542,438 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 1,134,456 shares. The stock had previously closed at $48.66.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Piper Sandler lifted their price objective on shares of Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. Bank of America boosted their price objective on Biohaven from $52.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Biohaven in a report on Wednesday, October 23rd. Jefferies Financial Group started coverage on Biohaven in a report on Monday, September 16th. They issued a “buy” rating and a $57.00 target price for the company. Finally, William Blair upgraded Biohaven to a “strong-buy” rating in a research note on Friday, August 30th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Biohaven presently has a consensus rating of “Buy” and an average target price of $63.42.

Biohaven Stock Down 9.6 %

The firm has a 50 day moving average price of $48.01 and a 200-day moving average price of $40.87. The stock has a market capitalization of $4.45 billion, a PE ratio of -4.75 and a beta of 1.31.

Biohaven (NYSE:BHVN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing the consensus estimate of ($1.67) by ($0.03). Equities analysts expect that Biohaven Ltd. will post -8.81 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director John W. Childs purchased 21,052 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was acquired at an average cost of $47.50 per share, for a total transaction of $999,970.00. Following the completion of the purchase, the director now owns 21,052 shares of the company’s stock, valued at approximately $999,970. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Gregory Bailey purchased 5,000 shares of the stock in a transaction on Tuesday, September 24th. The stock was bought at an average price of $44.19 per share, for a total transaction of $220,950.00. Following the completion of the transaction, the director now directly owns 1,620,071 shares of the company’s stock, valued at approximately $71,590,937.49. This trade represents a 0.31 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 16.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Biohaven

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BHVN. Stifel Financial Corp increased its stake in shares of Biohaven by 0.4% in the third quarter. Stifel Financial Corp now owns 6,509,261 shares of the company’s stock valued at $325,268,000 after buying an additional 28,684 shares during the period. Point72 DIFC Ltd bought a new stake in Biohaven in the 3rd quarter worth about $368,000. Point72 Asset Management L.P. grew its holdings in Biohaven by 745.9% during the third quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company’s stock valued at $74,969,000 after purchasing an additional 1,322,922 shares during the period. Parallax Volatility Advisers L.P. purchased a new stake in shares of Biohaven in the third quarter worth $258,000. Finally, Janus Henderson Group PLC grew its position in Biohaven by 5.6% in the third quarter. Janus Henderson Group PLC now owns 6,226,393 shares of the company’s stock worth $311,142,000 after acquiring an additional 328,099 shares in the last quarter. 88.78% of the stock is 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.