Biohaven (NYSE:BHVN) Reaches New 52-Week Low - What's Next?

Biohaven Ltd. (NYSE:BHVN - Get Free Report) reached a new 52-week low on Thursday . The company traded as low as $20.50 and last traded at $20.69, with a volume of 491979 shares trading hands. The stock had previously closed at $23.68.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BHVN. Deutsche Bank Aktiengesellschaft set a $60.00 price target on Biohaven and gave the stock a "buy" rating in a research report on Thursday, March 20th. JPMorgan Chase & Co. lowered their price objective on Biohaven from $72.00 to $68.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Biohaven in a research note on Tuesday, December 17th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $61.00 price target on shares of Biohaven in a research note on Tuesday, March 4th. Finally, HC Wainwright restated a "buy" rating and issued a $54.00 price objective on shares of Biohaven in a report on Tuesday, March 4th. Fourteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $62.77.

Biohaven Price Performance

The company has a market cap of $1.69 billion, a price-to-earnings ratio of -1.77 and a beta of 1.33. The firm has a 50 day simple moving average of $32.10 and a 200-day simple moving average of $40.33.

Biohaven (NYSE:BHVN - Get Free Report) last posted its earnings results on Monday, March 3rd. The company reported ($1.85) EPS for the quarter, missing analysts' consensus estimates of ($1.56) by ($0.29). Research analysts anticipate that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

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Insider Activity at Biohaven

In other Biohaven news, Director John W. Childs bought 32,700 shares of Biohaven stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $30.47 per share, for a total transaction of $996,369.00. Following the acquisition, the director now directly owns 2,320,571 shares in the company, valued at $70,707,798.37. This represents a 1.43 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 16.00% of the stock is owned by insiders.

Institutional Trading of Biohaven

Hedge funds have recently modified their holdings of the stock. Rhumbline Advisers raised its position in Biohaven by 6.2% in the 1st quarter. Rhumbline Advisers now owns 124,839 shares of the company's stock valued at $3,001,000 after purchasing an additional 7,244 shares in the last quarter. Parallel Advisors LLC increased its stake in shares of Biohaven by 319.8% during the first quarter. Parallel Advisors LLC now owns 1,360 shares of the company's stock worth $33,000 after buying an additional 1,036 shares during the period. GAMMA Investing LLC raised its holdings in Biohaven by 8,908.4% in the first quarter. GAMMA Investing LLC now owns 8,558 shares of the company's stock valued at $206,000 after acquiring an additional 8,463 shares in the last quarter. Wellington Management Group LLP grew its holdings in Biohaven by 160.7% during the 4th quarter. Wellington Management Group LLP now owns 634,055 shares of the company's stock worth $23,682,000 after acquiring an additional 390,888 shares in the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of Biohaven by 10.4% in the 4th quarter. California State Teachers Retirement System now owns 74,144 shares of the company's stock valued at $2,769,000 after purchasing an additional 7,005 shares in the last quarter. 88.78% of the stock is currently owned by institutional investors and hedge funds.

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.