Biohaven (NYSE:BHVN) Hits New 52-Week Low - Time to Sell?

Biohaven Ltd. (NYSE:BHVN - Get Free Report) reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $26.57 and last traded at $27.59, with a volume of 1090048 shares. The stock had previously closed at $28.39.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on BHVN. Deutsche Bank Aktiengesellschaft set a $60.00 target price on shares of Biohaven and gave the stock a "buy" rating in a research report on Thursday, March 20th. HC Wainwright reissued a "buy" rating and set a $54.00 target price on shares of Biohaven in a research note on Tuesday, March 4th. Morgan Stanley reduced their target price on Biohaven from $69.00 to $63.00 and set an "overweight" rating for the company in a report on Friday, March 7th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Biohaven in a report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. dropped their target price on Biohaven from $72.00 to $68.00 and set an "overweight" rating on the stock in a report on Wednesday, March 5th. Fourteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $62.77.

Biohaven Price Performance

The company has a fifty day simple moving average of $34.55 and a two-hundred day simple moving average of $41.21. The company has a market capitalization of $2.31 billion, a P/E ratio of -2.42 and a beta of 1.27.

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

Insider Buying and Selling

In other Biohaven news, Director John W. Childs acquired 32,700 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was acquired at an average price of $30.47 per share, with a total value of $996,369.00. Following the transaction, the director now owns 2,320,571 shares of the company's stock, valued at approximately $70,707,798.37. This trade represents a 1.43 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 16.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Citigroup Inc. raised its stake in Biohaven by 125.8% during the 3rd quarter. Citigroup Inc. now owns 119,905 shares of the company's stock valued at $5,992,000 after purchasing an additional 66,801 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Biohaven by 9.1% during the fourth quarter. Bank of New York Mellon Corp now owns 295,078 shares of the company's stock valued at $11,021,000 after buying an additional 24,703 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in shares of Biohaven in the third quarter valued at about $1,339,000. JPMorgan Chase & Co. lifted its stake in shares of Biohaven by 85.4% in the third quarter. JPMorgan Chase & Co. now owns 809,448 shares of the company's stock valued at $40,448,000 after buying an additional 372,737 shares during the period. Finally, Teacher Retirement System of Texas grew its position in Biohaven by 31.6% during the fourth quarter. Teacher Retirement System of Texas now owns 23,320 shares of the company's stock worth $871,000 after buying an additional 5,600 shares in the last quarter. 88.78% of the stock is currently owned by institutional investors and hedge funds.

About Biohaven

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.