Lion Point Capital LP Sells 12,700 Shares of Biohaven Ltd. (NYSE:BHVN)

Lion Point Capital LP trimmed its stake in shares of Biohaven Ltd. (NYSE:BHVN) by 35.9% during the 4th quarter, Holdings Channel reports. The fund owned 22,700 shares of the company’s stock after selling 12,700 shares during the quarter. Biohaven makes up about 4.4% of Lion Point Capital LP’s investment portfolio, making the stock its 9th largest position. Lion Point Capital LP’s holdings in Biohaven were worth $848,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Teacher Retirement System of Texas grew its holdings in Biohaven by 31.6% during the fourth quarter. Teacher Retirement System of Texas now owns 23,320 shares of the company’s stock worth $871,000 after acquiring an additional 5,600 shares during the period. Bank of New York Mellon Corp grew its holdings in Biohaven by 9.1% in the fourth quarter. Bank of New York Mellon Corp now owns 295,078 shares of the company’s stock valued at $11,021,000 after purchasing an additional 24,703 shares during the period. American Century Companies Inc. grew its holdings in Biohaven by 9.5% in the fourth quarter. American Century Companies Inc. now owns 558,761 shares of the company’s stock valued at $20,870,000 after purchasing an additional 48,286 shares during the period. Alliancebernstein L.P. grew its holdings in Biohaven by 6.6% in the fourth quarter. Alliancebernstein L.P. now owns 96,236 shares of the company’s stock valued at $3,594,000 after purchasing an additional 5,951 shares during the period. Finally, LPL Financial LLC grew its holdings in Biohaven by 4.1% in the fourth quarter. LPL Financial LLC now owns 42,190 shares of the company’s stock valued at $1,576,000 after purchasing an additional 1,664 shares during the period. 88.78% of the stock is owned by institutional investors and hedge funds.

Biohaven Stock Performance

Shares of Biohaven stock opened at $20.20 on Monday. The business’s 50 day moving average price is $23.44 and its 200 day moving average price is $35.24. The company has a market cap of $2.06 billion, a price-to-earnings ratio of -2.16 and a beta of 1.18. Biohaven Ltd. has a one year low of $15.79 and a one year high of $55.70.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, March 3rd. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.29). On average, analysts predict that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have commented on BHVN. Morgan Stanley dropped their price objective on Biohaven from $69.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, March 7th. Royal Bank of Canada reissued an “outperform” rating and issued a $61.00 price objective on shares of Biohaven in a report on Tuesday, March 4th. William Blair raised Biohaven to a “strong-buy” rating in a report on Thursday, April 24th. HC Wainwright restated a “buy” rating and issued a $54.00 target price on shares of Biohaven in a research report on Tuesday, March 4th. Finally, Robert W. Baird decreased their target price on Biohaven from $60.00 to $57.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Fourteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $62.54.

Insiders Place Their Bets

In related news, Director John W. Childs bought 32,700 shares of the business’s stock in a transaction on Tuesday, March 4th. The stock was acquired at an average cost of $30.47 per share, with a total value of $996,369.00. Following the purchase, the director now directly owns 2,320,571 shares of the company’s stock, valued at $70,707,798.37. The trade was a 1.43% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 16.00% of the company’s stock.

About Biohaven

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.