Biohaven (NYSE:BHVN) Shares Gap Down – What’s Next?

Biohaven Ltd. (NYSE:BHVN)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $38.47, but opened at $37.50. Biohaven shares last traded at $38.41, with a volume of 372,599 shares traded.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Jefferies Financial Group initiated coverage on shares of Biohaven in a research report on Monday, September 16th. They set a “buy” rating and a $57.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $59.00 price target on shares of Biohaven in a report on Tuesday, November 26th. Royal Bank of Canada restated an “outperform” rating and set a $61.00 price target (up previously from $58.00) on shares of Biohaven in a report on Wednesday, December 4th. William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Robert W. Baird lifted their price objective on shares of Biohaven from $58.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Biohaven presently has an average rating of “Buy” and a consensus target price of $63.00.

Biohaven Stock Performance

The firm has a market cap of $4.05 billion, a P/E ratio of -4.11 and a beta of 1.24. The stock’s 50 day simple moving average is $48.70 and its 200 day simple moving average is $41.83.

Biohaven (NYSE:BHVN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). As a group, analysts forecast that Biohaven Ltd. will post -8.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director John W. Childs acquired 21,052 shares of the business’s stock in a transaction on Wednesday, October 2nd. The shares were purchased at an average cost of $47.50 per share, with a total value of $999,970.00. Following the acquisition, the director now directly owns 21,052 shares of the company’s stock, valued at $999,970. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gregory Bailey acquired 5,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The shares were purchased 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 in the company, valued at approximately $71,590,937.49. The trade was a 0.31 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

A number of hedge funds and other institutional investors have recently made changes to their positions in BHVN. Farallon Capital Management LLC boosted its holdings in shares of Biohaven by 181.4% in the 2nd quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock worth $78,028,000 after buying an additional 1,449,000 shares during the last quarter. Point72 Asset Management L.P. lifted its holdings in Biohaven by 745.9% during the third quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company’s stock valued at $74,969,000 after purchasing an additional 1,322,922 shares during the last quarter. Armistice Capital LLC lifted its holdings in Biohaven by 74.8% during the second quarter. Armistice Capital LLC now owns 1,396,968 shares of the company’s stock valued at $48,489,000 after purchasing an additional 597,705 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Biohaven by 563.4% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 508,622 shares of the company’s stock valued at $25,416,000 after purchasing an additional 431,954 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in Biohaven by 5.6% during the third quarter. Janus Henderson Group PLC now owns 6,226,393 shares of the company’s stock valued at $311,142,000 after purchasing an additional 328,099 shares during 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.