Biohaven (NYSE:BHVN) Shares Down 6.9% – Should You Sell?

Biohaven Ltd. (NYSE:BHVN)’s share price dropped 6.9% during mid-day trading on Tuesday. The company traded as low as $12.09 and last traded at $12.0750. Approximately 844,959 shares traded hands during trading, a decline of 68% from the average daily volume of 2,676,781 shares. The stock had previously closed at $12.97.

Analyst Upgrades and Downgrades

BHVN has been the topic of several analyst reports. Canaccord Genuity Group set a $21.00 price target on Biohaven in a report on Friday, August 28th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Biohaven in a report on Friday, August 28th. Morgan Stanley lifted their target price on shares of Biohaven from $18.00 to $19.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Biohaven in a research report on Friday, June 26th. Finally, TD Cowen restated a “buy” rating on shares of Biohaven in a report on Wednesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Biohaven currently has an average rating of “Moderate Buy” and a consensus target price of $18.69.

Biohaven Stock Performance

The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of -2.60 and a beta of 1.35. The firm’s 50-day moving average price is $14.10 and its two-hundred day moving average price is $12.42. The company has a debt-to-equity ratio of 21.23, a quick ratio of 4.73 and a current ratio of 4.73.

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

Hedge Funds Weigh In On Biohaven

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Janus Henderson Group PLC increased 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 acquiring an additional 16,127,247 shares during the last quarter. BlackRock Inc. bought a new stake in Biohaven in the second quarter valued at approximately $196,574,000. Jupiter Topco LLC bought a new stake in Biohaven in the second quarter valued at approximately $127,852,000. Stempoint Capital LP acquired a new stake in Biohaven in the first quarter worth $13,489,000. Finally, Bank of America Corp DE acquired a new stake in Biohaven in the second quarter worth $21,990,000. Institutional investors own 88.78% of the company’s stock.

Biohaven Company Profile

Biohaven Ltd. (NYSE: BHVN) is a biopharmaceutical company focused on discovering, developing and commercializing therapies for neurological and immunological disorders. The company uses proprietary drug-development platforms to pursue treatments for conditions with significant unmet medical needs, including migraine, epilepsy, obsessive-compulsive disorder and other central nervous system diseases.

Biohaven’s pipeline has included small-molecule and biologic candidates such as troriluzole, an investigational therapy being studied in several neurological disorders, and other programs targeting ion channels, glutamate signaling and immune pathways.