Biohaven (NYSE:BHVN) Shares Gap Down – Here’s What Happened

Biohaven Ltd. (NYSE:BHVN) shares gapped down prior to trading on Friday . The stock had previously closed at $39.17, but opened at $36.98. Biohaven shares last traded at $36.65, with a volume of 313,720 shares traded.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Jefferies Financial Group initiated coverage on Biohaven in a research note on Monday, September 16th. They set a “buy” rating and a $57.00 price target for the company. Bank of America lifted their target price on Biohaven from $52.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Royal Bank of Canada reissued an “outperform” rating and issued a $61.00 price target (up from $58.00) on shares of Biohaven in a research report on Wednesday, December 4th. HC Wainwright reiterated a “buy” rating and issued a $59.00 target price on shares of Biohaven in a research note on Tuesday, December 17th. Finally, Leerink Partners raised their price target on shares of Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $63.00.

Biohaven Stock Performance

The company’s 50 day moving average price is $43.19 and its 200-day moving average price is $42.19. The company has a market cap of $3.86 billion, a PE ratio of -4.08 and a beta of 1.29.

Biohaven (NYSE:BHVN) last issued its earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.67) by ($0.03). Equities research analysts expect that Biohaven Ltd. will post -8.85 EPS for the current year.

Insider Buying and Selling at Biohaven

In related news, Director John W. Childs acquired 29,000 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The shares were acquired at an average price of $35.94 per share, with a total value of $1,042,260.00. Following the acquisition, the director now owns 2,368,741 shares of the company’s stock, valued at approximately $85,132,551.54. This trade represents a 1.24 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Weybosset Research & Management LLC grew its position in shares of Biohaven by 23.9% during the 4th quarter. Weybosset Research & Management LLC now owns 13,645 shares of the company’s stock valued at $510,000 after purchasing an additional 2,635 shares in the last quarter. Diversified Trust Co increased its stake in Biohaven by 16.6% in the 4th quarter. Diversified Trust Co now owns 5,585 shares of the company’s stock worth $209,000 after acquiring an additional 795 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Biohaven by 85.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 809,448 shares of the company’s stock valued at $40,448,000 after acquiring an additional 372,737 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Biohaven by 0.5% during the 3rd quarter. Franklin Resources Inc. now owns 79,705 shares of the company’s stock valued at $4,206,000 after acquiring an additional 412 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in shares of Biohaven during the 3rd quarter valued at about $246,000. 88.78% of the stock is currently owned by 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.