Biohaven (NYSE:BHVN) Trading Down 4.8%

Biohaven Ltd. (NYSE:BHVN) dropped 4.8% on Friday . The stock traded as low as $39.63 and last traded at $40.13. Approximately 586,470 shares were traded during trading, a decline of 51% from the average daily volume of 1,204,868 shares. The stock had previously closed at $42.16.

Analyst Ratings Changes

BHVN has been the topic of several research analyst reports. TD Cowen increased their price target on Biohaven from $35.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, March 1st. UBS Group assumed coverage on shares of Biohaven in a report on Tuesday, February 6th. They issued a “buy” rating and a $59.00 price target for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $61.00 price target on shares of Biohaven in a report on Tuesday, April 9th. Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a research note on Thursday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Biohaven from $32.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Biohaven has a consensus rating of “Buy” and an average price target of $52.00.

Biohaven Price Performance

The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of -7.06 and a beta of 1.18. The business’s 50 day moving average price is $52.03 and its 200-day moving average price is $41.24.

Biohaven (NYSE:BHVN) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($1.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.41) by ($0.40). As a group, analysts expect that Biohaven Ltd. will post -5.85 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Biohaven

Several hedge funds have recently made changes to their positions in BHVN. US Bancorp DE raised its position in shares of Biohaven by 19.1% in the first quarter. US Bancorp DE now owns 586 shares of the company’s stock valued at $70,000 after purchasing an additional 94 shares during the period. Point72 Hong Kong Ltd acquired a new stake in Biohaven during the first quarter worth $200,000. KBC Group NV acquired a new stake in shares of Biohaven in the 4th quarter valued at $74,000. Zebra Capital Management LLC acquired a new stake in shares of Biohaven in the 1st quarter valued at $236,000. Finally, Arrowstreet Capital Limited Partnership acquired a new position in Biohaven during the 1st quarter worth about $269,000. Institutional investors and hedge funds 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.