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

Biohaven Ltd. (NYSE:BHVN) shares gapped down before the market opened on Friday . The stock had previously closed at $10.81, but opened at $9.67. Biohaven shares last traded at $10.4180, with a volume of 1,184,023 shares changing hands.

Analysts Set New Price Targets

BHVN has been the subject of several recent analyst reports. UBS Group downgraded shares of Biohaven from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $26.00 to $11.00 in a research note on Wednesday, November 26th. Robert W. Baird set a $42.00 price objective on Biohaven in a report on Wednesday, November 5th. TD Cowen reduced their target price on Biohaven from $50.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Royal Bank Of Canada dropped their price target on Biohaven from $19.00 to $9.00 and set a “sector perform” rating for the company in a research note on Thursday, November 6th. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of Biohaven in a report on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.93.

Biohaven Stock Down 2.8%

The company has a debt-to-equity ratio of 1.91, a quick ratio of 2.86 and a current ratio of 2.86. The stock’s 50-day moving average price is $11.46 and its two-hundred day moving average price is $13.65. The stock has a market capitalization of $1.11 billion, a PE ratio of -1.38 and a beta of 1.13.

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

Insider Buying and Selling

In other news, Director John W. Childs acquired 3,333,333 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The stock was bought at an average cost of $7.50 per share, for a total transaction of $24,999,997.50. Following the acquisition, the director directly owned 5,653,904 shares in the company, valued at approximately $42,404,280. The trade was a 143.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gregory Bailey acquired 400,000 shares of the stock in a transaction that occurred on Thursday, November 13th. The stock was acquired at an average cost of $7.50 per share, for a total transaction of $3,000,000.00. Following the completion of the transaction, the director directly owned 2,020,071 shares in the company, valued at $15,150,532.50. This represents a 24.69% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have purchased 4,416,999 shares of company stock worth $33,144,833. 16.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Biohaven

Several institutional investors and hedge funds have recently added to or reduced their stakes in BHVN. Bellevue Group AG raised its stake in Biohaven by 37.3% during the 2nd quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock valued at $39,548,000 after buying an additional 762,000 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Biohaven by 31.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,572,042 shares of the company’s stock worth $36,292,000 after purchasing an additional 612,209 shares during the period. Armistice Capital LLC increased its holdings in Biohaven by 27.6% during the second quarter. Armistice Capital LLC now owns 2,136,000 shares of the company’s stock valued at $30,139,000 after buying an additional 462,578 shares during the last quarter. Geode Capital Management LLC increased its holdings in Biohaven by 3.7% during the second quarter. Geode Capital Management LLC now owns 2,030,919 shares of the company’s stock valued at $28,660,000 after buying an additional 71,939 shares during the last quarter. Finally, Holocene Advisors LP raised its position in Biohaven by 19.1% in the second quarter. Holocene Advisors LP now owns 1,495,641 shares of the company’s stock worth $21,103,000 after acquiring an additional 239,889 shares during the period. Hedge funds and other institutional investors own 88.78% of the company’s stock.

About Biohaven

Biohaven Ltd. (NYSE BHVN) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing therapies for neurological and neurovascular diseases. Founded in 2013 as a spin-out from Yale University, Biohaven focuses on addressing high-unmet medical needs through innovative small-molecule and peptide-based platforms. The company is headquartered in New Haven, Connecticut, and maintains research activities across the United States, with collaborative ties in Europe and Asia via strategic partnerships.

The company’s most advanced program centers on calcitonin gene-related peptide (CGRP) receptor antagonists for the acute and preventive treatment of migraine.