Biohaven (NYSE:BHVN) Stock Price Down 8% - Should You Sell?

Shares of Biohaven Ltd. (NYSE:BHVN - Get Free Report) fell 8% during trading on Friday . The company traded as low as $44.68 and last traded at $44.76. 542,438 shares changed hands during mid-day trading, a decline of 52% from the average session volume of 1,134,456 shares. The stock had previously closed at $48.66.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Leerink Partners lifted their price objective on shares of Biohaven from $55.00 to $60.00 and gave the stock an "outperform" rating in a research note on Monday, September 23rd. 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 report on Wednesday. William Blair raised Biohaven to a "strong-buy" rating in a research note on Friday, August 30th. Royal Bank of Canada lowered their price target on Biohaven from $68.00 to $66.00 and set an "outperform" rating for the company in a report on Wednesday. Finally, HC Wainwright reiterated a "buy" rating and set a $59.00 price objective on shares of Biohaven in a report on Thursday. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Biohaven presently has a consensus rating of "Buy" and a consensus target price of $63.42.

Biohaven Stock Down 8.8 %

The firm has a market cap of $4.49 billion, a price-to-earnings ratio of -4.75 and a beta of 1.31. The company's fifty day moving average is $48.16 and its 200 day moving average is $40.92.

Biohaven (NYSE:BHVN - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing analysts' consensus estimates of ($1.67) by ($0.03). On average, equities research analysts forecast that Biohaven Ltd. will post -8.81 EPS for the current fiscal year.

Insider Buying and Selling at Biohaven

In other news, Director Gregory Bailey bought 5,000 shares of the company's stock in a transaction dated Tuesday, September 24th. The shares were bought at an average cost of $44.19 per share, with a total value of $220,950.00. Following the acquisition, the director now owns 1,620,071 shares in the company, valued at $71,590,937.49. This trade represents a 0.31 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John W. Childs bought 21,052 shares of the business's stock in a transaction that occurred on Wednesday, October 2nd. The stock was purchased at an average price of $47.50 per share, with a total value of $999,970.00. Following the completion of the purchase, the director now directly owns 21,052 shares in the company, valued at $999,970. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 16.00% of the company's stock.

Institutional Trading of Biohaven

Institutional investors and hedge funds have recently bought and sold shares of the business. nVerses Capital LLC bought a new position in shares of Biohaven in the third quarter valued at about $50,000. Redwood Wealth Management Group LLC bought a new position in Biohaven in the 2nd quarter valued at about $61,000. Values First Advisors Inc. acquired a new stake in Biohaven during the third quarter worth approximately $78,000. US Bancorp DE lifted its position in Biohaven by 57.1% during the third quarter. US Bancorp DE now owns 2,173 shares of the company's stock worth $109,000 after acquiring an additional 790 shares during the last quarter. Finally, KBC Group NV boosted its holdings in shares of Biohaven by 24.5% during the third quarter. KBC Group NV now owns 2,250 shares of the company's stock worth $112,000 after acquiring an additional 443 shares during the period. Institutional investors own 88.78% of the company's stock.

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.