Biohaven (NYSE:BHVN) Trading 6.2% Higher – Here’s Why

Biohaven Ltd. (NYSE:BHVN) traded up 6.2% during mid-day trading on Thursday . The company traded as high as $9.13 and last traded at $9.1450. 183,059 shares were traded during trading, a decline of 93% from the average session volume of 2,589,411 shares. The stock had previously closed at $8.61.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. UBS Group cut shares of Biohaven from a “buy” rating to a “neutral” rating and cut their price objective for the company from $26.00 to $11.00 in a report on Wednesday, November 26th. The Goldman Sachs Group upgraded Biohaven to a “strong-buy” rating in a research report on Friday, February 6th. TD Cowen lifted their price target on Biohaven from $15.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Biohaven in a report on Monday, March 9th. Finally, Leerink Partners reiterated an “outperform” rating and set a $15.00 price target on shares of Biohaven in a research report on Tuesday, March 3rd. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $22.43.

Biohaven Trading Up 3.9%

The company has a debt-to-equity ratio of 4.59, a current ratio of 3.18 and a quick ratio of 3.18. The firm has a market capitalization of $1.35 billion, a PE ratio of -1.29 and a beta of 1.15. The company’s fifty day simple moving average is $11.17 and its 200-day simple moving average is $12.05.

Biohaven (NYSE:BHVN) last released its earnings results on Monday, March 2nd. The company reported ($1.21) EPS for the quarter, topping analysts’ consensus estimates of ($1.22) by $0.01. As a group, sell-side analysts expect that Biohaven Ltd. will post -8.9 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Biohaven

Several large investors have recently bought and sold shares of the company. Hsbc Holdings PLC acquired a new position in shares of Biohaven during the fourth quarter valued at approximately $282,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Biohaven in the fourth quarter worth approximately $81,000. Invesco Ltd. increased its position in shares of Biohaven by 59.0% during the fourth quarter. Invesco Ltd. now owns 194,751 shares of the company’s stock worth $2,199,000 after purchasing an additional 72,230 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Biohaven during the fourth quarter worth approximately $342,000. Finally, XTX Topco Ltd raised its stake in Biohaven by 31.1% in the 4th quarter. XTX Topco Ltd now owns 83,455 shares of the company’s stock valued at $942,000 after purchasing an additional 19,816 shares during the last quarter. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

Biohaven Company Profile

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.