Biohaven (NYSE:BHVN) Shares Down 6.1% Following Weak Earnings

Biohaven Ltd. (NYSE:BHVN) was down 6.1% on Monday after the company announced weaker than expected quarterly earnings. The stock traded as low as $34.27 and last traded at $34.91. Approximately 385,353 shares traded hands during trading, a decline of 55% from the average daily volume of 853,036 shares. The stock had previously closed at $37.18.

The company reported ($1.85) EPS for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.29).

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. HC Wainwright restated a “buy” rating and set a $59.00 price target on shares of Biohaven in a research report on Tuesday, December 17th. Royal Bank of Canada reiterated an “outperform” rating and set a $61.00 price target (up from $58.00) on shares of Biohaven in a research report on Wednesday, December 4th. TD Cowen upped their target price on shares of Biohaven from $55.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft began coverage on shares of Biohaven in a research note on Tuesday, February 11th. They set a “buy” rating and a $65.00 price objective for the company. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a report on Tuesday, December 17th. Fourteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $63.15.

Insiders Place Their Bets

In other Biohaven news, Director John W. Childs acquired 29,000 shares of the company’s stock in a transaction dated Monday, December 30th. The stock was acquired at an average cost of $35.94 per share, with a total value of $1,042,260.00. Following the purchase, the director now directly owns 2,368,741 shares in the company, valued at approximately $85,132,551.54. This trade represents a 1.24 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 16.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Biohaven

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Biohaven by 8.1% in the 4th quarter. Vanguard Group Inc. now owns 8,414,120 shares of the company’s stock valued at $314,267,000 after purchasing an additional 628,211 shares during the last quarter. Janus Henderson Group PLC boosted its position in Biohaven by 12.1% during the fourth quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company’s stock worth $260,735,000 after acquiring an additional 756,032 shares during the last quarter. Stifel Financial Corp lifted its stake in shares of Biohaven by 0.8% during the 4th quarter. Stifel Financial Corp now owns 6,559,313 shares of the company’s stock worth $244,990,000 after purchasing an additional 50,052 shares during the period. Suvretta Capital Management LLC boosted its holdings in shares of Biohaven by 8.1% during the fourth quarter. Suvretta Capital Management LLC now owns 5,620,271 shares of the company’s stock worth $209,917,000 after purchasing an additional 421,052 shares during the last quarter. Finally, Farallon Capital Management LLC grew its position in shares of Biohaven by 21.6% in the fourth quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company’s stock valued at $165,392,000 after purchasing an additional 785,578 shares during the period. Institutional investors and hedge funds own 88.78% of the company’s stock.

Biohaven Stock Down 6.0 %

The company has a 50 day moving average of $38.24 and a 200 day moving average of $42.77. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of -3.74 and a beta of 1.28.

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.