Biohaven Ltd. (NYSE:BHVN) Sees Significant Decrease in Short Interest

Biohaven Ltd. (NYSE:BHVN) saw a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 9,260,000 shares, a decline of 5.8% from the May 31st total of 9,830,000 shares. Based on an average daily trading volume, of 1,360,000 shares, the short-interest ratio is currently 6.8 days.

Wall Street Analyst Weigh In

BHVN has been the topic of several research analyst reports. Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a research note on Thursday, May 30th. Royal Bank of Canada reissued an “outperform” rating and issued a $59.00 price objective on shares of Biohaven in a research report on Tuesday, June 18th. UBS Group lifted their target price on shares of Biohaven from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $59.00 price target on shares of Biohaven in a research report on Thursday, May 30th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $54.71.

Insider Activity at Biohaven

In other Biohaven news, CEO Vlad Coric bought 121,951 shares of Biohaven stock in a transaction on Monday, April 22nd. The shares were purchased at an average cost of $41.00 per share, for a total transaction of $4,999,991.00. Following the completion of the acquisition, the chief executive officer now owns 1,788,417 shares in the company, valued at approximately $73,325,097. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In other Biohaven news, Director John W. Childs purchased 28,000 shares of the business’s stock in a transaction on Thursday, May 30th. The shares were purchased at an average cost of $35.58 per share, with a total value of $996,240.00. Following the transaction, the director now directly owns 2,311,341 shares of the company’s stock, valued at approximately $82,237,512.78. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Vlad Coric bought 121,951 shares of the stock in a transaction that occurred on Monday, April 22nd. The shares were purchased at an average price of $41.00 per share, for a total transaction of $4,999,991.00. Following the completion of the acquisition, the chief executive officer now owns 1,788,417 shares of the company’s stock, valued at approximately $73,325,097. The disclosure for this purchase can be found here. Insiders bought a total of 252,734 shares of company stock worth $9,997,764 in the last quarter. Corporate insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

Hedge funds have recently modified their holdings of the business. UBS Group AG lifted its holdings in Biohaven by 2,642.7% during the 3rd quarter. UBS Group AG now owns 88,588 shares of the company’s stock worth $2,304,000 after buying an additional 85,358 shares during the period. Kennedy Capital Management LLC acquired a new stake in Biohaven in the third quarter worth $1,431,000. Redmile Group LLC acquired a new stake in shares of Biohaven in the 3rd quarter valued at about $13,497,000. GSA Capital Partners LLP bought a new stake in Biohaven in the 3rd quarter valued at about $923,000. Finally, American Century Companies Inc. raised its stake in Biohaven by 13.5% during the 3rd quarter. American Century Companies Inc. now owns 510,235 shares of the company’s stock worth $13,271,000 after buying an additional 60,689 shares during the period. Institutional investors and hedge funds own 88.78% of the company’s stock.

Biohaven Trading Down 1.1 %

Shares of NYSE BHVN traded down $0.38 during mid-day trading on Wednesday, hitting $33.79. 364,619 shares of the stock traded hands, compared to its average volume of 1,290,315. Biohaven has a twelve month low of $16.45 and a twelve month high of $62.21. The firm has a 50 day simple moving average of $36.35 and a two-hundred day simple moving average of $44.01.

Biohaven (NYSE:BHVN) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($2.20) EPS for the quarter, missing analysts’ consensus estimates of ($1.50) by ($0.70). As a group, sell-side analysts expect that Biohaven will post -7.16 EPS for the current fiscal year.

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.