Biohaven (NYSE:BHVN) Sees Unusually-High Trading Volume

Shares of Biohaven Ltd. (NYSE:BHVN) saw strong trading volume on Thursday . 741,668 shares were traded during mid-day trading, a decline of 37% from the previous session’s volume of 1,176,001 shares.The stock last traded at $42.13 and had previously closed at $44.03.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on BHVN shares. JPMorgan Chase & Co. lifted their price target on shares of Biohaven from $32.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. HC Wainwright boosted their target price on Biohaven from $50.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a report on Thursday. TD Cowen boosted their price objective on Biohaven from $35.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $61.00 target price on shares of Biohaven in a research note on Tuesday, April 9th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $52.00.

Biohaven Stock Down 2.5 %

The stock has a fifty day moving average of $52.13 and a 200-day moving average of $41.23. The firm has a market capitalization of $3.50 billion, a P/E ratio of -7.30 and a beta of 1.18.

Biohaven (NYSE:BHVN) last released its quarterly earnings results on Thursday, February 29th. The company reported ($1.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.40). Sell-side analysts predict that Biohaven Ltd. will post -5.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Simon Quick Advisors LLC boosted its stake in shares of Biohaven by 36.3% during the 4th quarter. Simon Quick Advisors LLC now owns 74,968 shares of the company’s stock worth $3,209,000 after buying an additional 19,968 shares during the last quarter. Citigroup Inc. grew its stake in Biohaven by 97.9% in the third quarter. Citigroup Inc. now owns 146,907 shares of the company’s stock valued at $3,821,000 after purchasing an additional 72,673 shares in the last quarter. Legato Capital Management LLC bought a new position in Biohaven in the fourth quarter valued at approximately $469,000. Monashee Investment Management LLC increased its position in shares of Biohaven by 80.0% during the 3rd quarter. Monashee Investment Management LLC now owns 90,000 shares of the company’s stock worth $2,341,000 after purchasing an additional 40,000 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new stake in shares of Biohaven during the 3rd quarter worth approximately $923,000. Institutional investors own 88.78% of the company’s stock.

Biohaven Company Profile

Biohaven Ltd., together with its subsidiaries, focuses on discovering, developing, and commercializing therapies for immunology, neuroscience, and oncology worldwide. The company's pipeline products include Troriluzole, which is in Phase 3 clinical trial for the treatment of neurological and neuropsychiatric illnesses; BHV-5500 that blocks glutamate signaling mediated by post-synaptic NMDA receptors; Taldefgrobep Alfa, which is in Phase 3 clinical trial for the treatment of spinal muscular atrophy and obesity; BHV-7000, a candidate in Phase 2/3 clinical trials for the treatment of focal and generalized epilepsy, bipolar disorder, and major depressive disorder; BHV-2100 that is in Phase 1 clinical trials for the treatment of migraines and neuropathic pain; and BHV-8000, a product candidate in Phase 1 clinical trials for the treatment of early Alzheimer's and Parkinson's disease, sclerosis, and amyloid-related imaging abnormalities.