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

Biohaven Ltd. (NYSE:BHVN) gapped up before the market opened on Monday . The stock had previously closed at $9.92, but opened at $11.89. Biohaven shares last traded at $9.5850, with a volume of 2,645,329 shares traded.

Analyst Ratings Changes

A number of analysts recently commented on the stock. HC Wainwright lowered their price objective on shares of Biohaven from $11.00 to $10.00 and set a “neutral” rating for the company in a research report on Wednesday, March 4th. Leerink Partners reissued an “outperform” rating and issued a $15.00 target price on shares of Biohaven in a research note on Tuesday, March 3rd. UBS Group lowered Biohaven from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $26.00 to $11.00 in a research report on Wednesday, November 26th. Morgan Stanley cut their price objective on Biohaven from $26.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, January 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Biohaven in a research note on Monday, December 29th. Three analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $23.93.

Biohaven Price Performance

The company has a current ratio of 3.18, a quick ratio of 3.18 and a debt-to-equity ratio of 4.59. The company has a 50 day simple moving average of $11.63 and a 200 day simple moving average of $12.59. The stock has a market cap of $1.05 billion, a P/E ratio of -1.43 and a beta of 1.15.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data on Monday, March 2nd. The company reported ($1.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.22) by $0.01. Sell-side analysts forecast that Biohaven Ltd. will post -8.9 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biohaven

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its stake in shares of Biohaven by 113.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company’s stock worth $36,000 after buying an additional 1,268 shares during the last quarter. IFP Advisors Inc boosted its position in Biohaven by 55.4% during the fourth quarter. IFP Advisors Inc now owns 4,069 shares of the company’s stock valued at $46,000 after purchasing an additional 1,450 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in Biohaven by 178.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 4,031 shares of the company’s stock valued at $46,000 after purchasing an additional 2,583 shares in the last quarter. Arax Advisory Partners increased its position in shares of Biohaven by 943.3% during the 4th quarter. Arax Advisory Partners now owns 4,914 shares of the company’s stock worth $55,000 after purchasing an additional 4,443 shares during the last quarter. Finally, PFS Partners LLC bought a new stake in shares of Biohaven during the 3rd quarter worth approximately $60,000. 88.78% of the stock is currently owned by institutional investors and hedge funds.

Biohaven Company Profile

Biohaven Ltd. (NYSE BHVN) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing therapies for neurological and neurovascular diseases. Founded in 2013 as a spin-out from Yale University, Biohaven focuses on addressing high-unmet medical needs through innovative small-molecule and peptide-based platforms. The company is headquartered in New Haven, Connecticut, and maintains research activities across the United States, with collaborative ties in Europe and Asia via strategic partnerships.

The company’s most advanced program centers on calcitonin gene-related peptide (CGRP) receptor antagonists for the acute and preventive treatment of migraine.