Biohaven (NYSE:BHVN) Shares Gap Down – Time to Sell?

Shares of Biohaven Ltd. (NYSE:BHVN) gapped down before the market opened on Wednesday . The stock had previously closed at $8.83, but opened at $8.50. Biohaven shares last traded at $8.7530, with a volume of 718,957 shares traded.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. UBS Group lowered shares of Biohaven from a “buy” rating to a “neutral” rating and decreased their price target for the company from $26.00 to $11.00 in a report on Wednesday, November 26th. Cowen restated a “buy” rating on shares of Biohaven in a report on Wednesday, November 5th. William Blair reiterated a “market perform” rating on shares of Biohaven in a report on Tuesday, November 11th. BTIG Research reaffirmed a “buy” rating and issued a $16.00 target price on shares of Biohaven in a research report on Tuesday, November 18th. Finally, Morgan Stanley cut their price objective on shares of Biohaven from $54.00 to $26.00 and set an “overweight” rating on the stock in a report on Tuesday, November 18th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $25.93.

Biohaven Stock Up 1.3%

The company has a quick ratio of 2.86, a current ratio of 2.86 and a debt-to-equity ratio of 1.91. The stock has a 50-day simple moving average of $13.18 and a two-hundred day simple moving average of $14.25. The firm has a market cap of $947.24 million, a PE ratio of -1.17 and a beta of 1.13.

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

Insider Activity at Biohaven

In other news, Director Gregory Bailey purchased 400,000 shares of Biohaven stock in a transaction that occurred on Thursday, November 13th. The stock was bought at an average price of $7.50 per share, with a total value of $3,000,000.00. Following the completion of the transaction, the director directly owned 2,020,071 shares of the company’s stock, valued at approximately $15,150,532.50. The trade was a 24.69% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vlad Coric purchased 666,666 shares of the stock in a transaction dated Thursday, November 13th. The shares were acquired at an average cost of $7.50 per share, for a total transaction of $4,999,995.00. Following the completion of the acquisition, the chief executive officer owned 1,195,275 shares of the company’s stock, valued at approximately $8,964,562.50. This represents a 126.12% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders bought 4,416,999 shares of company stock worth $33,144,833. 14.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Qube Research & Technologies Ltd boosted its holdings in Biohaven by 834.4% in the third quarter. Qube Research & Technologies Ltd now owns 1,265,597 shares of the company’s stock worth $18,997,000 after purchasing an additional 1,130,157 shares during the last quarter. Norges Bank purchased a new position in shares of Biohaven in the 2nd quarter worth $12,735,000. Millennium Management LLC grew its holdings in shares of Biohaven by 1,172.9% in the first quarter. Millennium Management LLC now owns 901,258 shares of the company’s stock worth $21,666,000 after acquiring an additional 830,457 shares during the period. Bellevue Group AG lifted its stake in shares of Biohaven by 37.3% in the 2nd quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock worth $39,548,000 after purchasing an additional 762,000 shares during the period. Finally, Two Sigma Investments LP raised its position in Biohaven by 986.0% in the third quarter. Two Sigma Investments LP now owns 799,600 shares of the company’s stock worth $12,002,000 after acquiring an additional 725,969 shares during the period. 88.78% of the stock is owned by hedge funds and other 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.