Biohaven (NYSE:BHVN) Stock Price Down 6.9% – Should You Sell?

Biohaven Ltd. (NYSE:BHVN)’s share price dropped 6.9% during mid-day trading on Tuesday. The stock traded as low as $12.09 and last traded at $12.0750. 844,959 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 2,676,781 shares. The stock had previously closed at $12.97.

Analyst Upgrades and Downgrades

BHVN has been the subject of several research analyst reports. HC Wainwright reiterated a “neutral” rating and issued a $10.00 price objective on shares of Biohaven in a research report on Thursday, September 10th. Wall Street Zen raised shares of Biohaven from a “strong sell” rating to a “sell” rating in a research note on Saturday, June 27th. Raymond James Financial reiterated a “strong-buy” rating and issued a $30.00 price target on shares of Biohaven in a report on Wednesday, August 26th. Morgan Stanley increased their price objective on shares of Biohaven from $18.00 to $19.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. Finally, Needham & Company LLC set a $11.00 price objective on shares of Biohaven in a report on Monday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Biohaven presently has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Biohaven Price Performance

The company has a current ratio of 4.73, a quick ratio of 4.73 and a debt-to-equity ratio of 21.23. The company has a 50 day simple moving average of $14.10 and a 200 day simple moving average of $12.42. The stock has a market cap of $1.82 billion, a P/E ratio of -2.60 and a beta of 1.35.

Biohaven (NYSE:BHVN) last issued its quarterly earnings results on Monday, August 10th. The company reported ($0.91) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.15). Sell-side analysts forecast that Biohaven Ltd. will post -3.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biohaven

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BHVN. The Manufacturers Life Insurance Company increased its holdings in Biohaven by 52.5% during the first quarter. The Manufacturers Life Insurance Company now owns 202,975 shares of the company’s stock worth $1,717,000 after buying an additional 69,894 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Biohaven during the 1st quarter worth about $1,362,000. Quantinno Capital Management LP raised its holdings in shares of Biohaven by 190.0% in the 1st quarter. Quantinno Capital Management LP now owns 121,554 shares of the company’s stock valued at $1,028,000 after purchasing an additional 79,640 shares during the period. Janus Henderson Group PLC lifted its stake in Biohaven by 1,145.9% in the 1st quarter. Janus Henderson Group PLC now owns 17,534,612 shares of the company’s stock valued at $148,214,000 after purchasing an additional 16,127,247 shares during the last quarter. Finally, BlackRock Inc. acquired a new stake in shares of Biohaven in the second quarter valued at approximately $196,574,000. 88.78% of the stock is currently owned by institutional investors and hedge funds.

About Biohaven

Biohaven Ltd. (NYSE: BHVN) is a biopharmaceutical company focused on discovering, developing and commercializing therapies for neurological and immunological disorders. The company uses proprietary drug-development platforms to pursue treatments for conditions with significant unmet medical needs, including migraine, epilepsy, obsessive-compulsive disorder and other central nervous system diseases.

Biohaven’s pipeline has included small-molecule and biologic candidates such as troriluzole, an investigational therapy being studied in several neurological disorders, and other programs targeting ion channels, glutamate signaling and immune pathways.