Biohaven (NYSE:BHVN) Sets New 1-Year Low – Here’s What Happened

Shares of Biohaven Ltd. (NYSE:BHVN) hit a new 52-week low during trading on Wednesday . The company traded as low as $8.34 and last traded at $8.6070, with a volume of 2514728 shares traded. The stock had previously closed at $13.95.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on BHVN shares. BTIG Research boosted their target price on Biohaven from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, August 19th. Leerink Partners cut their target price on Biohaven from $60.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 12th. Cowen restated a “buy” rating on shares of Biohaven in a research note on Wednesday. Bank of America cut their target price on Biohaven from $50.00 to $49.00 and set a “buy” rating on the stock in a research note on Tuesday, August 12th. Finally, UBS Group dropped their price objective on Biohaven from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Tuesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Biohaven currently has an average rating of “Moderate Buy” and an average target price of $48.08.

Biohaven Stock Down 37.1%

The firm has a 50 day moving average of $15.56 and a two-hundred day moving average of $15.88. The firm has a market capitalization of $928.41 million, a price-to-earnings ratio of -1.15 and a beta of 1.10. The company has a quick ratio of 3.82, a current ratio of 3.82 and a debt-to-equity ratio of 1.91.

Biohaven (NYSE:BHVN) last released its quarterly earnings data on Monday, August 11th. The company reported ($1.94) earnings per share for the quarter, meeting the consensus estimate of ($1.94). As a group, sell-side analysts anticipate that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Biohaven

A number of hedge funds have recently made changes to their positions in BHVN. Y Intercept Hong Kong Ltd increased its stake in Biohaven by 838.2% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 251,882 shares of the company’s stock worth $3,554,000 after acquiring an additional 225,036 shares during the last quarter. KBC Group NV boosted its holdings in shares of Biohaven by 35.0% in the 1st quarter. KBC Group NV now owns 4,560 shares of the company’s stock worth $110,000 after purchasing an additional 1,183 shares in the last quarter. Fiera Capital Corp purchased a new position in shares of Biohaven in the 1st quarter worth about $13,983,000. New York State Common Retirement Fund boosted its holdings in shares of Biohaven by 589.9% in the 1st quarter. New York State Common Retirement Fund now owns 160,251 shares of the company’s stock worth $3,852,000 after purchasing an additional 137,024 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Biohaven in the 2nd quarter worth about $244,000. 88.78% of the stock is currently owned by 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.