Biohaven (NYSE:BHVN) Sees Unusually-High Trading Volume – Here’s Why

Shares of Biohaven Ltd. (NYSE:BHVN) saw an uptick in trading volume on Thursday . Approximately 1,681,234 shares were traded during mid-day trading, a decline of 37% from the previous session’s volume of 2,649,776 shares.The stock last traded at $12.6670 and had previously closed at $15.00.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on BHVN shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Biohaven in a research report on Friday, August 28th. Canaccord Genuity Group set a $21.00 target price on shares of Biohaven in a report on Friday, August 28th. TD Cowen reiterated a “buy” rating on shares of Biohaven in a report on Wednesday, August 26th. Bank of America restated an “underperform” rating and set a $11.00 price target (down from $12.00) on shares of Biohaven in a report on Monday, June 29th. Finally, Morgan Stanley increased their price objective on Biohaven from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Biohaven currently has an average rating of “Moderate Buy” and an average price target of $18.69.

Biohaven Stock Down 15.1%

The company has a quick ratio of 4.73, a current ratio of 4.73 and a debt-to-equity ratio of 21.23. The company has a market capitalization of $1.92 billion, a P/E ratio of -2.74 and a beta of 1.28. The firm has a 50-day moving average price of $14.86 and a two-hundred day moving average price of $12.10.

Biohaven (NYSE:BHVN) last announced its earnings results on Monday, August 10th. The company reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.15). Equities research analysts anticipate that Biohaven Ltd. will post -3.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Biohaven

Several hedge funds have recently made changes to their positions in the stock. PNC Financial Services Group Inc. increased its stake in Biohaven by 113.7% during the third quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company’s stock valued at $36,000 after acquiring an additional 1,268 shares during the period. IFP Advisors Inc grew its holdings in shares of Biohaven by 55.4% during the 4th quarter. IFP Advisors Inc now owns 4,069 shares of the company’s stock worth $46,000 after purchasing an additional 1,450 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Biohaven by 178.4% during 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 during the period. Arax Advisory Partners raised its stake in shares of 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, BlueCrest Capital Management Ltd acquired a new position in shares of Biohaven in the second quarter valued at $60,000. Institutional investors own 88.78% of the company’s stock.

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.