Biohaven (NYSE:BHVN) Stock Falls 8.9% – Time to Sell?

Biohaven Ltd. (NYSE:BHVN)’s stock price dropped 8.9% on Wednesday. The stock traded as low as $13.53 and last traded at $13.5340. Approximately 1,222,212 shares traded hands during trading, a decline of 55% from the average session volume of 2,716,987 shares. The stock had previously closed at $14.85.

Analyst Upgrades and Downgrades

BHVN has been the topic of several recent research reports. Canaccord Genuity Group set a $21.00 price target on shares of Biohaven in a report on Friday, August 28th. HC Wainwright restated a “neutral” rating and set a $10.00 price objective on shares of Biohaven in a research report on Thursday, September 10th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $30.00 target price on shares of Biohaven in a research note on Wednesday, August 26th. Needham & Company LLC set a $11.00 target price on Biohaven in a report on Monday, June 29th. Finally, Bank of America reiterated an “underperform” rating and set a $11.00 target price (down from $12.00) on shares of Biohaven in a report on Monday, June 29th. Two 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.69.

Biohaven Price Performance

The company has a market capitalization of $1.98 billion, a price-to-earnings ratio of -2.83 and a beta of 1.28. The company has a fifty day simple moving average of $14.34 and a two-hundred day simple moving average of $12.26. 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 released its earnings results on Monday, August 10th. The company reported ($0.91) EPS for the quarter, missing the consensus estimate of ($0.76) by ($0.15). As a group, research analysts anticipate that Biohaven Ltd. will post -3.33 earnings per share for the current year.

Hedge Funds Weigh In On Biohaven

Several hedge funds and other institutional investors have recently modified their holdings of the company. Opaleye Management Inc. acquired a new position in Biohaven during the second quarter valued at approximately $1,159,000. BlueCrest Capital Management Ltd acquired a new stake in shares of Biohaven in the second quarter worth $60,000. Engineers Gate Manager LP purchased a new position in shares of Biohaven in the 2nd quarter valued at $581,000. Integrated Wealth Concepts LLC raised its stake in shares of Biohaven by 10.4% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 12,653 shares of the company’s stock valued at $188,000 after acquiring an additional 1,189 shares during the period. Finally, NewEdge Advisors LLC raised its stake in shares of Biohaven by 1,525.3% in the 2nd quarter. NewEdge Advisors LLC now owns 16,659 shares of the company’s stock valued at $248,000 after acquiring an additional 15,634 shares during the period. 88.78% of the stock is owned by institutional investors and hedge funds.

Biohaven Company Profile

Biohaven Ltd. is a clinical-stage biopharmaceutical company focused on developing therapies for neurological and immunological disorders. The company’s research programs use a range of approaches, including small-molecule medicines, biologics and other targeted therapies, with the goal of addressing diseases that have limited or inadequate treatment options.

Biohaven’s pipeline has included investigational treatments for conditions such as epilepsy, obsessive-compulsive disorder, neurodegenerative diseases, neuroinflammatory disorders and immune-mediated diseases.