Zacks Investment Research Lowers Biohaven Pharmaceutical (BHVN) to Hold

Biohaven Pharmaceutical (NYSE:BHVN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday.

According to Zacks, “Biohaven Pharmaceutical Holding Company Ltd. is a biopharmaceutical company. It focuses on the identification and development of orphan neurologic indications and other neurological pathways. The company’s pipeline includes BHV-0223, which is a formulation of a glutamate-modulating agent; BHV-4157, which is a new chemical entity that modulates glutamate and BHV-5000, which is an in-licensed investigational agent of the Company targeting N-Methyl-D-Aspartate receptor antagonism which are in clinical trial stage. Biohaven Pharmaceutical Holding Company Ltd. is based in NEW HAVEN, United States. “

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BHVN has been the subject of several other reports. Barclays lowered shares of Biohaven Pharmaceutical from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $30.00 to $25.00 in a research report on Thursday, April 5th. Canaccord Genuity reiterated a “buy” rating and issued a $39.00 target price (up from $30.00) on shares of Biohaven Pharmaceutical in a research report on Thursday, February 22nd. Needham & Company LLC reiterated a “buy” rating on shares of Biohaven Pharmaceutical in a research report on Thursday, February 22nd. Finally, Piper Jaffray reissued a “buy” rating on shares of Biohaven Pharmaceutical in a research note on Monday, March 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $37.14.

NYSE:BHVN traded down $0.15 during midday trading on Tuesday, hitting $26.35. The company had a trading volume of 329,980 shares, compared to its average volume of 749,685. Biohaven Pharmaceutical has a 52-week low of $16.50 and a 52-week high of $39.51. The firm has a market capitalization of $958.79 and a PE ratio of -5.27.

Biohaven Pharmaceutical (NYSE:BHVN) last announced its earnings results on Tuesday, March 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.33) by $0.58. equities analysts predict that Biohaven Pharmaceutical will post -4.27 earnings per share for the current fiscal year.

In other news, insider Robert Berman sold 35,000 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $30.42, for a total transaction of $1,064,700.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James Engelhart sold 10,000 shares of the company’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $32.50, for a total transaction of $325,000.00. Following the transaction, the chief financial officer now directly owns 13,576 shares of the company’s stock, valued at $441,220. The disclosure for this sale can be found here. Insiders sold 387,715 shares of company stock valued at $11,349,351 over the last three months. 34.20% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of BHVN. Nationwide Fund Advisors bought a new position in shares of Biohaven Pharmaceutical during the third quarter valued at about $214,000. New York State Common Retirement Fund bought a new position in shares of Biohaven Pharmaceutical during the third quarter valued at about $710,000. Bank of New York Mellon Corp bought a new position in shares of Biohaven Pharmaceutical during the third quarter valued at about $2,346,000. American International Group Inc. bought a new position in shares of Biohaven Pharmaceutical during the third quarter valued at about $251,000. Finally, Legal & General Group Plc bought a new position in shares of Biohaven Pharmaceutical during the third quarter valued at about $119,000. 61.84% of the stock is owned by hedge funds and other institutional investors.

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About Biohaven Pharmaceutical

Biohaven Pharmaceutical Holding Company Ltd., a clinical-stage biopharmaceutical company, develops product candidates to treat neurological diseases, including rare disorders. Its lead product candidate is rimegepant, which is in Phase III clinical trials for the acute treatment of migraine. The company also develops trigriluzole, which is in a Phase II/III clinical trial used for the treatment of ataxias with an initial focus on spinocerebellar ataxia; and Phase II/III clinical trial for the treatment of obsessive compulsive disorders, as well as for the treatment of Alzheimer's diseases.

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