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

Biohaven Ltd. (NYSE:BHVN) shares gapped down before the market opened on Wednesday . The stock had previously closed at $9.41, but opened at $9.00. Biohaven shares last traded at $9.1550, with a volume of 327,669 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BHVN shares. Royal Bank Of Canada cut their price objective on shares of Biohaven from $19.00 to $9.00 and set a “sector perform” rating on the stock in a report on Thursday, November 6th. BTIG Research reaffirmed a “buy” rating and set a $16.00 target price on shares of Biohaven in a research report on Tuesday, November 18th. Raymond James Financial reissued a “strong-buy” rating on shares of Biohaven in a report on Wednesday, November 5th. William Blair restated a “market perform” rating on shares of Biohaven in a research note on Tuesday, November 11th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $30.00 target price (down from $54.00) on shares of Biohaven in a research report on Tuesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Biohaven currently has an average rating of “Moderate Buy” and a consensus price target of $27.29.

Biohaven Stock Down 3.6%

The firm has a market capitalization of $960.36 million, a price-to-earnings ratio of -1.20 and a beta of 1.10. The stock has a 50 day moving average of $13.70 and a 200 day moving average of $14.56. The company has a quick ratio of 2.86, a current ratio of 2.86 and a debt-to-equity ratio of 1.91.

Biohaven (NYSE:BHVN) last announced its quarterly earnings data on Monday, November 10th. The company reported ($1.64) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.91) by $0.27. As a group, analysts expect that Biohaven Ltd. will post -8.9 earnings per share for the current fiscal year.

Insider Transactions at Biohaven

In other Biohaven news, Director Gregory Bailey acquired 400,000 shares of the firm’s stock in a transaction on Thursday, November 13th. The stock was purchased at an average price of $7.50 per share, with a total value of $3,000,000.00. Following the completion of the acquisition, the director directly owned 2,020,071 shares in the company, valued at $15,150,532.50. This trade represents a 24.69% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO George C. Clark bought 17,000 shares of the stock in a transaction on Monday, November 17th. The shares were acquired at an average price of $8.52 per share, with a total value of $144,840.00. Following the purchase, the chief accounting officer owned 20,000 shares of the company’s stock, valued at $170,400. The trade was a 566.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have bought 4,416,999 shares of company stock valued at $33,144,833. Company insiders own 14.60% of the company’s stock.

Institutional Investors Weigh In On Biohaven

Several institutional investors and hedge funds have recently bought and sold shares of the business. Envestnet Asset Management Inc. bought a new position in shares of Biohaven during the first quarter valued at approximately $1,545,000. IFP Advisors Inc boosted its position in Biohaven by 84,800.0% during the 1st quarter. IFP Advisors Inc now owns 2,547 shares of the company’s stock valued at $61,000 after purchasing an additional 2,544 shares during the period. Assetmark Inc. acquired a new position in Biohaven during the 1st quarter valued at approximately $528,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Biohaven by 27.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 26,500 shares of the company’s stock worth $637,000 after buying an additional 5,677 shares during the last quarter. Finally, Fiera Capital Corp acquired a new stake in Biohaven in the first quarter worth $13,983,000. Institutional investors and hedge funds own 88.78% of the company’s stock.

About Biohaven

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.