Biohaven (NYSE:BHVN) Trading Down 7.7% After Analyst Downgrade

Shares of Biohaven Ltd. (NYSE:BHVN) fell 7.7% during trading on Tuesday after Royal Bank Of Canada lowered their price target on the stock from $23.00 to $22.00. Royal Bank Of Canada currently has an outperform rating on the stock. Biohaven traded as low as $9.53 and last traded at $9.3560. 1,925,450 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 2,405,752 shares. The stock had previously closed at $10.14.

Other equities analysts also recently issued research reports about the stock. Raymond James Financial reissued a “strong-buy” rating on shares of Biohaven in a research note on Monday, March 9th. Morgan Stanley cut their target price on shares of Biohaven from $26.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 6th. HC Wainwright cut their target price on shares of Biohaven from $11.00 to $10.00 and set a “neutral” rating on the stock in a research note 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. Finally, Citigroup raised their target price on shares of Biohaven from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.47.

Institutional Investors Weigh In On Biohaven

A number of large investors have recently added to or reduced their stakes in BHVN. AQR Capital Management LLC grew its holdings in Biohaven by 49.4% during the 1st quarter. AQR Capital Management LLC now owns 114,849 shares of the company’s stock valued at $2,761,000 after purchasing an additional 37,981 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Biohaven by 32.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,833 shares of the company’s stock valued at $1,747,000 after purchasing an additional 17,562 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Biohaven by 7.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 589,615 shares of the company’s stock valued at $14,174,000 after purchasing an additional 41,040 shares in the last quarter. Intech Investment Management LLC grew its holdings in Biohaven by 80.3% during the 1st quarter. Intech Investment Management LLC now owns 61,598 shares of the company’s stock valued at $1,481,000 after purchasing an additional 27,433 shares in the last quarter. Finally, Quantbot Technologies LP grew its holdings in Biohaven by 1,097.8% during the 2nd quarter. Quantbot Technologies LP now owns 8,840 shares of the company’s stock valued at $125,000 after purchasing an additional 8,102 shares in the last quarter. 88.78% of the stock is owned by institutional investors and hedge funds.

Biohaven Stock Performance

The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of -1.38 and a beta of 1.32. The company has a debt-to-equity ratio of 4.59, a quick ratio of 3.18 and a current ratio of 3.18. The company’s fifty day simple moving average is $9.91 and its two-hundred day simple moving average is $11.07.

Biohaven (NYSE:BHVN) last announced its quarterly earnings data on Monday, March 2nd. The company reported ($1.21) earnings per share for the quarter, topping the consensus estimate of ($1.22) by $0.01. Equities research analysts predict that Biohaven Ltd. will post -2.98 earnings per share for the current fiscal year.

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.