Short Interest in Biohaven Ltd. (NYSE:BHVN) Decreases By 10.1%

Biohaven Ltd. (NYSE:BHVN) saw a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 8,980,000 shares, a decline of 10.1% from the September 15th total of 9,990,000 shares. Based on an average daily volume of 1,020,000 shares, the days-to-cover ratio is currently 8.8 days.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on BHVN shares. UBS Group dropped their price target on shares of Biohaven from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. William Blair raised Biohaven to a “strong-buy” rating in a research note on Friday, August 30th. Sanford C. Bernstein upped their target price on Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Jefferies Financial Group began coverage on Biohaven in a report on Monday, September 16th. They issued a “buy” rating and a $57.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their target price on Biohaven from $55.00 to $68.00 and gave the stock an “overweight” rating in a report on Thursday, October 3rd. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Biohaven currently has a consensus rating of “Buy” and an average price target of $61.92.

Biohaven Stock Performance

Shares of NYSE:BHVN traded up $0.17 during trading on Thursday, hitting $51.64. The company’s stock had a trading volume of 972,646 shares, compared to its average volume of 1,180,340. The company has a market capitalization of $4.56 billion, a PE ratio of -7.67 and a beta of 1.31. Biohaven has a fifty-two week low of $25.97 and a fifty-two week high of $62.21. The business has a 50 day moving average price of $42.90 and a two-hundred day moving average price of $40.09.

Biohaven (NYSE:BHVN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($3.64) earnings per share for the quarter, missing the consensus estimate of ($1.72) by ($1.92). As a group, equities analysts expect that Biohaven will post -8.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director John W. Childs acquired 21,052 shares of Biohaven stock in a transaction on Wednesday, October 2nd. The shares were bought at an average cost of $47.50 per share, with a total value of $999,970.00. Following the completion of the purchase, the director now directly owns 21,052 shares of the company’s stock, valued at $999,970. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Biohaven news, Director Gregory Bailey purchased 5,000 shares of the stock in a transaction on Tuesday, September 24th. The stock was bought at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the completion of the acquisition, the director now directly owns 1,620,071 shares of the company’s stock, valued at $71,590,937.49. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John W. Childs bought 21,052 shares of Biohaven stock in a transaction dated Wednesday, October 2nd. The stock was purchased at an average price of $47.50 per share, with a total value of $999,970.00. Following the completion of the purchase, the director now owns 21,052 shares in the company, valued at $999,970. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by insiders.

Institutional Trading of Biohaven

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Biohaven by 280.5% in the 1st quarter. Vanguard Group Inc. now owns 6,308,853 shares of the company’s stock valued at $345,031,000 after purchasing an additional 4,650,702 shares in the last quarter. Oak Ridge Investments LLC lifted its stake in shares of Biohaven by 197.6% during the 2nd quarter. Oak Ridge Investments LLC now owns 22,000 shares of the company’s stock worth $764,000 after buying an additional 14,607 shares during the last quarter. CWM LLC grew its holdings in Biohaven by 1,893.4% during the 2nd quarter. CWM LLC now owns 14,552 shares of the company’s stock worth $505,000 after acquiring an additional 13,822 shares during the last quarter. Bellevue Group AG grew its position in Biohaven by 7.0% during the first quarter. Bellevue Group AG now owns 1,150,000 shares of the company’s stock valued at $62,894,000 after buying an additional 75,000 shares during the period. Finally, Lord Abbett & CO. LLC bought a new position in Biohaven during the first quarter valued at approximately $7,276,000. 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.