Biohaven (NYSE:BHVN) Shares Gap Up – Should You Buy?

Biohaven Ltd. (NYSE:BHVN)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $12.09, but opened at $13.16. Biohaven shares last traded at $13.3990, with a volume of 1,279,722 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages have commented on BHVN. Morgan Stanley decreased their price objective on shares of Biohaven from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. Citigroup boosted their target price on shares of Biohaven from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, April 2nd. Raymond James Financial reissued a “strong-buy” rating on shares of Biohaven in a research note on Wednesday, May 27th. Wall Street Zen cut shares of Biohaven from a “sell” rating to a “strong sell” rating in a research report on Sunday, April 26th. Finally, Leerink Partners reaffirmed an “outperform” rating and set a $15.00 price objective on shares of Biohaven in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $22.27.

Biohaven Price Performance

The company has a current ratio of 7.41, a quick ratio of 7.41 and a debt-to-equity ratio of 1.87. The stock has a market capitalization of $2.04 billion, a P/E ratio of -2.39 and a beta of 1.35. The company has a fifty day simple moving average of $10.26 and a two-hundred day simple moving average of $10.60.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, May 4th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.86) by ($0.02). Sell-side analysts expect that Biohaven Ltd. will post -3.07 EPS for the current fiscal year.

Institutional Trading of Biohaven

Institutional investors and hedge funds have recently made changes to their positions in the business. Janus Henderson Group PLC lifted its stake in shares of Biohaven by 1,145.9% in the 1st quarter. Janus Henderson Group PLC now owns 17,534,612 shares of the company’s stock valued at $148,214,000 after purchasing an additional 16,127,247 shares during the period. Suvretta Capital Management LLC grew its stake in shares of Biohaven by 83.0% during the fourth quarter. Suvretta Capital Management LLC now owns 10,286,937 shares of the company’s stock worth $116,140,000 after purchasing an additional 4,666,666 shares during the period. Stifel Financial Corp increased its holdings in Biohaven by 50.3% in the fourth quarter. Stifel Financial Corp now owns 9,939,856 shares of the company’s stock valued at $112,221,000 after purchasing an additional 3,328,506 shares during the last quarter. Infinitum Asset Management LLC increased its holdings in Biohaven by 267.6% in the fourth quarter. Infinitum Asset Management LLC now owns 6,250,000 shares of the company’s stock valued at $70,562,000 after purchasing an additional 4,550,000 shares during the last quarter. Finally, State Street Corp lifted its stake in Biohaven by 34.2% in the fourth quarter. State Street Corp now owns 5,716,487 shares of the company’s stock valued at $64,539,000 after buying an additional 1,458,204 shares during the period. Institutional investors own 88.78% of the company’s stock.

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.