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

Biohaven Ltd. (NYSE:BHVN)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $15.69, but opened at $14.91. Biohaven shares last traded at $15.46, with a volume of 443,115 shares traded.

Analyst Ratings Changes

Several research firms have recently commented on BHVN. Wall Street Zen raised shares of Biohaven from a “strong sell” rating to a “sell” rating in a report on Saturday, June 27th. Bank of America reissued an “underperform” rating and issued a $11.00 target price (down from $12.00) on shares of Biohaven in a report on Monday, June 29th. Royal Bank Of Canada downgraded Biohaven from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $23.00 to $19.00 in a research note on Tuesday. HC Wainwright reaffirmed a “neutral” rating on shares of Biohaven in a report on Thursday, August 27th. Finally, Raymond James Financial reiterated a “strong-buy” rating and set a $30.00 price target on shares of Biohaven in a research report on Wednesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $18.69.

Biohaven Stock Performance

The stock has a market cap of $2.28 billion, a P/E ratio of -3.26 and a beta of 1.28. The company has a fifty day moving average of $14.88 and a 200 day moving average of $12.05. The company has a debt-to-equity ratio of 21.23, a current ratio of 4.73 and a quick ratio of 4.73.

Biohaven (NYSE:BHVN) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.91) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.15). On average, equities analysts predict that Biohaven Ltd. will post -3.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biohaven

A number of institutional investors and hedge funds have recently bought and sold shares of BHVN. PNC Financial Services Group Inc. grew its stake in shares of Biohaven by 113.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company’s stock worth $36,000 after purchasing an additional 1,268 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Biohaven by 178.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 4,031 shares of the company’s stock worth $46,000 after buying an additional 2,583 shares during the last quarter. IFP Advisors Inc grew its position in Biohaven by 55.4% in the fourth quarter. IFP Advisors Inc now owns 4,069 shares of the company’s stock worth $46,000 after buying an additional 1,450 shares during the last quarter. Arax Advisory Partners lifted 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 valued at $55,000 after acquiring an additional 4,443 shares during the last quarter. Finally, Essential Partners LLC boosted its stake in shares of Biohaven by 31.7% during the 1st quarter. Essential Partners LLC now owns 9,020 shares of the company’s stock worth $76,000 after acquiring an additional 2,169 shares in the last quarter. 88.78% of the stock is owned by institutional investors and hedge funds.

About Biohaven

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.