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

Biohaven Ltd. (NYSE:BHVN) gapped down before the market opened on Friday . The stock had previously closed at $10.81, but opened at $9.67. Biohaven shares last traded at $10.4180, with a volume of 1,184,023 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on BHVN shares. William Blair reissued a “market perform” rating on shares of Biohaven in a report on Friday. JPMorgan Chase & Co. dropped their price target on shares of Biohaven from $47.00 to $15.00 and set an “overweight” rating for the company in a research report on Thursday, November 20th. Bank of America downgraded shares of Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research report on Wednesday, November 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Biohaven in a report on Monday. Finally, UBS Group cut Biohaven from a “buy” rating to a “neutral” rating and decreased their price target for the company from $26.00 to $11.00 in a report on Wednesday, November 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.93.

Biohaven Stock Performance

The firm’s 50 day simple moving average is $11.46 and its 200 day simple moving average is $13.65. The firm has a market cap of $1.11 billion, a PE ratio of -1.38 and a beta of 1.13. The company has a current ratio of 2.86, a quick ratio of 2.86 and a debt-to-equity ratio of 1.91.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, November 10th. The company reported ($1.64) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.91) by $0.27. On average, research analysts forecast that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Insider Transactions at Biohaven

In other news, CEO Vlad Coric bought 666,666 shares of the stock in a transaction dated Thursday, November 13th. The stock was purchased at an average cost of $7.50 per share, for a total transaction of $4,999,995.00. Following the transaction, the chief executive officer owned 1,195,275 shares of the company’s stock, valued at $8,964,562.50. The trade was a 126.12% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO George C. Clark purchased 17,000 shares of Biohaven stock in a transaction that occurred on Monday, November 17th. The stock was acquired at an average price of $8.52 per share, for a total transaction of $144,840.00. Following the transaction, the chief accounting officer directly owned 20,000 shares of the company’s stock, valued at $170,400. The trade was a 566.67% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 4,416,999 shares of company stock valued at $33,144,833 over the last quarter. 16.00% of the stock is owned by insiders.

Institutional Trading of Biohaven

Hedge funds have recently made changes to their positions in the business. Qube Research & Technologies Ltd lifted its holdings in shares of Biohaven by 834.4% in the 3rd quarter. Qube Research & Technologies Ltd now owns 1,265,597 shares of the company’s stock valued at $18,997,000 after acquiring an additional 1,130,157 shares during the last quarter. Norges Bank purchased a new stake in Biohaven during the second quarter valued at approximately $12,735,000. Millennium Management LLC raised its position in Biohaven by 1,172.9% during the first quarter. Millennium Management LLC now owns 901,258 shares of the company’s stock valued at $21,666,000 after purchasing an additional 830,457 shares during the period. Bellevue Group AG lifted its stake in shares of Biohaven by 37.3% in the 2nd quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock valued at $39,548,000 after purchasing an additional 762,000 shares during the last quarter. Finally, Two Sigma Investments LP boosted its holdings in shares of Biohaven by 986.0% in the 3rd quarter. Two Sigma Investments LP now owns 799,600 shares of the company’s stock worth $12,002,000 after purchasing an additional 725,969 shares during the period. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

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.