Biohaven (NYSE:BHVN) Sets New 1-Year Low – Should You Sell?

Biohaven Ltd. (NYSE:BHVN)’s share price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $20.50 and last traded at $20.69, with a volume of 491979 shares changing hands. The stock had previously closed at $23.68.

Analyst Upgrades and Downgrades

BHVN has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a report on Tuesday, December 17th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $61.00 price objective on shares of Biohaven in a report on Tuesday, March 4th. Morgan Stanley lowered their target price on shares of Biohaven from $69.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, March 7th. HC Wainwright reiterated a “buy” rating and issued a $54.00 price target on shares of Biohaven in a research report on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft set a $60.00 price objective on Biohaven and gave the stock a “buy” rating in a report on Thursday, March 20th. Fourteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $62.77.

Biohaven Price Performance

The company has a 50 day simple moving average of $33.40 and a 200-day simple moving average of $40.80. The firm has a market cap of $1.89 billion, a PE ratio of -1.98 and a beta of 1.33.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, March 3rd. The company reported ($1.85) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.56) by ($0.29). On average, sell-side analysts predict that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director John W. Childs acquired 32,700 shares of Biohaven stock in a transaction on Tuesday, March 4th. The shares were acquired at an average cost of $30.47 per share, with a total value of $996,369.00. Following the transaction, the director now owns 2,320,571 shares in the company, valued at $70,707,798.37. This trade represents a 1.43 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

A number of large investors have recently modified their holdings of the stock. Spire Wealth Management purchased a new stake in Biohaven in the fourth quarter worth about $56,000. Amalgamated Bank lifted its stake in shares of Biohaven by 21.9% in the 4th quarter. Amalgamated Bank now owns 2,929 shares of the company’s stock valued at $109,000 after purchasing an additional 527 shares during the period. US Bancorp DE boosted its position in shares of Biohaven by 36.7% during the fourth quarter. US Bancorp DE now owns 2,971 shares of the company’s stock valued at $111,000 after purchasing an additional 798 shares in the last quarter. Quarry LP purchased a new stake in Biohaven in the fourth quarter worth $112,000. Finally, Lazard Asset Management LLC raised its holdings in Biohaven by 47.4% in the fourth quarter. Lazard Asset Management LLC now owns 3,207 shares of the company’s stock worth $119,000 after purchasing an additional 1,031 shares in the last quarter. Institutional investors own 88.78% of the company’s stock.

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.