Biohaven (NYSE:BHVN) Shares Gap Down – Should You Sell?

Shares of Biohaven Ltd. (NYSE:BHVN) gapped down before the market opened on Monday . The stock had previously closed at $38.47, but opened at $37.50. Biohaven shares last traded at $38.41, with a volume of 372,599 shares trading hands.

Analyst Upgrades and Downgrades

BHVN has been the subject of a number of research reports. William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research report on Friday, August 30th. Leerink Partners raised their target price on shares of Biohaven from $55.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. Piper Sandler boosted their price target on shares of Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Sanford C. Bernstein lifted their price target on shares of Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a report on Tuesday. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $63.00.

Biohaven Stock Performance

The firm has a market cap of $3.96 billion, a P/E ratio of -4.18 and a beta of 1.24. The firm has a fifty day moving average of $48.47 and a 200-day moving average of $41.87.

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

Insiders Place Their Bets

In related news, Director John W. Childs purchased 21,052 shares of the stock in a transaction on Wednesday, October 2nd. The shares were bought at an average price of $47.50 per share, for a total transaction of $999,970.00. Following the completion of the acquisition, the director now directly owns 21,052 shares in the company, valued at approximately $999,970. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory Bailey bought 5,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was purchased at an average price of $44.19 per share, for a total transaction of $220,950.00. Following the completion of the purchase, the director now directly owns 1,620,071 shares in the company, valued at $71,590,937.49. The trade was a 0.31 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. nVerses Capital LLC acquired a new stake in Biohaven in the 3rd quarter valued at $50,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Biohaven in the second quarter valued at approximately $61,000. Values First Advisors Inc. bought a new stake in shares of Biohaven during the third quarter worth $78,000. US Bancorp DE lifted its position in Biohaven by 57.1% during the 3rd quarter. US Bancorp DE now owns 2,173 shares of the company’s stock valued at $109,000 after purchasing an additional 790 shares during the period. Finally, KBC Group NV boosted its stake in Biohaven by 24.5% in the third quarter. KBC Group NV now owns 2,250 shares of the company’s stock valued at $112,000 after acquiring an additional 443 shares during 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.