Biohaven (NYSE:BHVN) Shares Down 4.8%

Biohaven Ltd. (NYSE:BHVN) traded down 4.8% on Friday . The company traded as low as $39.63 and last traded at $40.13. 586,470 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 1,204,868 shares. The stock had previously closed at $42.16.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 price target on shares of Biohaven in a report on Tuesday, April 9th. HC Wainwright boosted their price target on Biohaven from $50.00 to $63.00 and gave the company a “buy” rating in a report on Monday, March 4th. UBS Group assumed coverage on Biohaven in a report on Tuesday, February 6th. They issued a “buy” rating and a $59.00 price target for the company. JPMorgan Chase & Co. upped their price objective on Biohaven from $32.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a research note on Thursday. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $52.00.

Biohaven Stock Performance

The stock has a market capitalization of $3.19 billion, a P/E ratio of -6.89 and a beta of 1.18. The stock has a 50 day moving average of $51.84 and a 200 day moving average of $41.47.

Biohaven (NYSE:BHVN) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($1.81) EPS for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.40). On average, research analysts anticipate that Biohaven Ltd. will post -5.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. US Bancorp DE boosted its position in Biohaven by 19.1% during the 1st quarter. US Bancorp DE now owns 586 shares of the company’s stock worth $70,000 after acquiring an additional 94 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Biohaven by 3.2% in the fourth quarter. Franklin Resources Inc. now owns 11,269 shares of the company’s stock valued at $482,000 after buying an additional 349 shares during the period. Creative Planning lifted its holdings in shares of Biohaven by 3.5% in the third quarter. Creative Planning now owns 11,541 shares of the company’s stock valued at $300,000 after buying an additional 395 shares during the period. Teacher Retirement System of Texas lifted its holdings in shares of Biohaven by 4.7% in the third quarter. Teacher Retirement System of Texas now owns 16,486 shares of the company’s stock valued at $429,000 after buying an additional 746 shares during the period. Finally, Raymond James & Associates lifted its holdings in shares of Biohaven by 3.5% in the fourth quarter. Raymond James & Associates now owns 28,499 shares of the company’s stock valued at $1,220,000 after buying an additional 954 shares during the period. 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.