Biohaven (NYSE:BHVN) Stock Price Down 6.1% on Disappointing Earnings

Biohaven Ltd. (NYSE:BHVN - Get Free Report)'s share price dropped 6.1% during mid-day trading on Monday following a weaker than expected earnings announcement. The company traded as low as $34.27 and last traded at $34.91. Approximately 385,353 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 853,036 shares. The stock had previously closed at $37.18.

The company reported ($1.85) EPS for the quarter, missing analysts' consensus estimates of ($1.56) by ($0.29).

Analysts Set New Price Targets

BHVN has been the topic of several recent analyst reports. Cantor Fitzgerald reiterated an "overweight" rating on shares of Biohaven in a report on Tuesday, December 17th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $61.00 target price (up previously from $58.00) on shares of Biohaven in a research note on Wednesday, December 4th. TD Cowen boosted their price target on shares of Biohaven from $55.00 to $75.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. HC Wainwright restated a "buy" rating and issued a $59.00 price objective on shares of Biohaven in a report on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Biohaven in a report on Tuesday, February 11th. They set a "buy" rating and a $65.00 target price on the stock. Fourteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $63.15.

Insiders Place Their Bets

In other news, Director John W. Childs bought 29,000 shares of the firm's stock in a transaction on Monday, December 30th. The stock was acquired at an average cost of $35.94 per share, with a total value of $1,042,260.00. Following the completion of the acquisition, the director now owns 2,368,741 shares of the company's stock, valued at approximately $85,132,551.54. This represents a 1.24 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 16.00% of the company's stock.

Institutional Investors Weigh In On Biohaven

Institutional investors have recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Biohaven in the 4th quarter valued at approximately $449,000. Infinitum Asset Management LLC purchased a new position in shares of Biohaven in the fourth quarter worth $4,108,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Biohaven by 7.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 548,575 shares of the company's stock valued at $20,489,000 after purchasing an additional 39,953 shares in the last quarter. TrinityPoint Wealth LLC purchased a new stake in shares of Biohaven during the fourth quarter valued at $1,385,000. Finally, Suvretta Capital Management LLC increased its holdings in Biohaven by 8.1% in the 4th quarter. Suvretta Capital Management LLC now owns 5,620,271 shares of the company's stock worth $209,917,000 after buying an additional 421,052 shares in the last quarter. Hedge funds and other institutional investors own 88.78% of the company's stock.

Biohaven Stock Performance

The firm has a market cap of $3.23 billion, a PE ratio of -3.41 and a beta of 1.28. The stock has a 50-day simple moving average of $38.24 and a two-hundred day simple moving average of $42.77.

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.