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

Biohaven Ltd. (NYSE:BHVN) gapped down prior to trading on Wednesday . The stock had previously closed at $9.41, but opened at $9.00. Biohaven shares last traded at $9.1550, with a volume of 327,669 shares trading hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on BHVN shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Biohaven in a report on Monday. Sanford C. Bernstein reiterated a “market perform” rating and set a $9.00 price target (down from $34.00) on shares of Biohaven in a research note on Thursday, November 6th. Morgan Stanley reduced their price target on shares of Biohaven from $54.00 to $26.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 18th. Robert W. Baird set a $42.00 price objective on shares of Biohaven in a report on Wednesday, November 5th. Finally, TD Cowen cut their target price on shares of Biohaven from $50.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $27.29.

Biohaven Price Performance

The stock’s 50 day moving average is $13.70 and its two-hundred day moving average is $14.56. The stock has a market capitalization of $960.36 million, a PE ratio of -1.20 and a beta of 1.10. The company has a debt-to-equity ratio of 1.91, a current ratio of 2.86 and a quick ratio of 2.86.

Biohaven (NYSE:BHVN) last posted its quarterly earnings results on Monday, November 10th. The company reported ($1.64) EPS for the quarter, topping the consensus estimate of ($1.91) by $0.27. As a group, sell-side analysts forecast that Biohaven Ltd. will post -8.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Biohaven news, CEO Vlad Coric bought 666,666 shares of the business’s stock in a transaction dated Thursday, November 13th. The shares were acquired at an average price of $7.50 per share, with a total value of $4,999,995.00. Following the transaction, the chief executive officer owned 1,195,275 shares of the company’s stock, valued at approximately $8,964,562.50. The trade was a 126.12% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gregory Bailey bought 400,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The shares were acquired at an average price of $7.50 per share, with a total value of $3,000,000.00. Following the purchase, the director owned 2,020,071 shares of the company’s stock, valued at $15,150,532.50. The trade was a 24.69% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased 4,416,999 shares of company stock valued at $33,144,833 over the last quarter. Corporate insiders own 14.60% of the company’s stock.

Institutional Trading of Biohaven

Institutional investors and hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its position in Biohaven by 53.7% in the first quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company’s stock valued at $43,000 after purchasing an additional 623 shares during the period. Emerald Mutual Fund Advisers Trust grew its stake in shares of Biohaven by 0.4% in the third quarter. Emerald Mutual Fund Advisers Trust now owns 173,656 shares of the company’s stock valued at $2,607,000 after buying an additional 657 shares in the last quarter. RWA Wealth Partners LLC raised its holdings in shares of Biohaven by 7.0% during the 1st quarter. RWA Wealth Partners LLC now owns 12,622 shares of the company’s stock valued at $303,000 after buying an additional 822 shares during the period. SVB Wealth LLC purchased a new stake in shares of Biohaven during the 1st quarter valued at about $25,000. Finally, Elkhorn Partners Limited Partnership lifted its position in Biohaven by 26.1% during the 2nd quarter. Elkhorn Partners Limited Partnership now owns 5,800 shares of the company’s stock worth $82,000 after acquiring an additional 1,200 shares in the last quarter. 88.78% of the stock is owned by hedge funds and other institutional investors.

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.