Biohaven (NYSE:BHVN) Reaches New 52-Week Low - Should You Sell?

Biohaven Ltd. (NYSE:BHVN - Get Free Report)'s stock price hit a new 52-week low on Wednesday . The stock traded as low as $16.36 and last traded at $16.53, with a volume of 1708587 shares traded. The stock had previously closed at $17.91.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BHVN. JPMorgan Chase & Co. dropped their target price on Biohaven from $72.00 to $68.00 and set an "overweight" rating for the company in a report on Wednesday, March 5th. HC Wainwright reissued a "buy" rating and set a $54.00 price objective on shares of Biohaven in a report on Tuesday, March 4th. Cantor Fitzgerald reissued an "overweight" rating on shares of Biohaven in a research note on Tuesday, December 17th. Royal Bank of Canada reissued an "outperform" rating and issued a $61.00 price target on shares of Biohaven in a report on Tuesday, March 4th. Finally, Morgan Stanley cut their price objective on Biohaven from $69.00 to $63.00 and set an "overweight" rating on the stock in a report on Friday, March 7th. Fourteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Biohaven has an average rating of "Buy" and an average target price of $62.77.

Biohaven Stock Up 3.4 %

The firm has a 50 day simple moving average of $30.45 and a 200-day simple moving average of $39.49. The stock has a market cap of $1.86 billion, a P/E ratio of -1.95 and a beta of 1.33.

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

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Insider Transactions at Biohaven

In related news, Director John W. Childs acquired 32,700 shares of the company's stock in a transaction on Tuesday, March 4th. The stock was purchased at an average cost of $30.47 per share, with a total value of $996,369.00. Following the acquisition, the director now directly owns 2,320,571 shares of the company's stock, valued at approximately $70,707,798.37. The trade was a 1.43 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 16.00% of the company's stock.

Institutional Investors Weigh In On Biohaven

Institutional investors and hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC increased its stake in Biohaven by 319.8% in the first quarter. Parallel Advisors LLC now owns 1,360 shares of the company's stock valued at $33,000 after acquiring an additional 1,036 shares during the last quarter. Spire Wealth Management acquired a new position in shares of Biohaven during the 4th quarter worth $56,000. Amalgamated Bank lifted its position in shares of Biohaven by 21.9% during the 4th quarter. Amalgamated Bank now owns 2,929 shares of the company's stock worth $109,000 after buying an additional 527 shares during the last quarter. US Bancorp DE grew its position in Biohaven by 36.7% in the fourth quarter. US Bancorp DE now owns 2,971 shares of the company's stock valued at $111,000 after acquiring an additional 798 shares during the last quarter. Finally, Quarry LP acquired a new position in Biohaven during the fourth quarter worth about $112,000. 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.