Biohaven (NYSE:BHVN) Trading Up 5% – Here’s What Happened

Shares of Biohaven Ltd. (NYSE:BHVN) shot up 5% during trading on Thursday . The stock traded as high as $8.54 and last traded at $8.3480. 2,002,544 shares traded hands during mid-day trading, a decline of 6% from the average session volume of 2,136,552 shares. The stock had previously closed at $7.95.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Sanford C. Bernstein reiterated a “market perform” rating and issued a $9.00 price objective (down previously from $34.00) on shares of Biohaven in a research note on Thursday, November 6th. Bank of America downgraded shares of Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 price target for the company. in a research report on Wednesday, November 5th. Royal Bank Of Canada reduced their price target on Biohaven from $19.00 to $9.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 6th. UBS Group lowered their price objective on Biohaven from $27.00 to $26.00 and set a “buy” rating on the stock in a research note on Tuesday, September 16th. Finally, Robert W. Baird set a $42.00 target price on Biohaven in a research report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $33.21.

Biohaven Stock Performance

The company has a debt-to-equity ratio of 1.91, a quick ratio of 3.82 and a current ratio of 2.86. The stock has a market cap of $877.01 million, a price-to-earnings ratio of -1.09 and a beta of 1.10. The stock has a fifty day simple moving average of $14.36 and a two-hundred day simple moving average of $15.23.

Biohaven (NYSE:BHVN) last released its quarterly earnings data on Monday, November 10th. The company reported ($1.64) earnings per share for the quarter, beating the consensus estimate of ($1.91) by $0.27. Analysts expect that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Hedge Funds Weigh In On Biohaven

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Biohaven in the second quarter valued at approximately $12,735,000. Millennium Management LLC lifted its stake in shares of Biohaven by 1,172.9% in the 1st quarter. Millennium Management LLC now owns 901,258 shares of the company’s stock valued at $21,666,000 after acquiring an additional 830,457 shares during the last quarter. Bellevue Group AG boosted its holdings in shares of 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 acquiring an additional 762,000 shares in the last quarter. Two Sigma Investments LP grew its position in Biohaven by 986.0% during the 3rd quarter. Two Sigma Investments LP now owns 799,600 shares of the company’s stock worth $12,002,000 after acquiring an additional 725,969 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in Biohaven in the 2nd quarter worth about $9,289,000. 88.78% of the stock is currently owned by institutional investors and hedge funds.

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.