Biohaven (NYSE:BHVN) Shares Gap Down - Here's What Happened

Biohaven Ltd. (NYSE:BHVN - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $39.17, but opened at $36.98. Biohaven shares last traded at $36.65, with a volume of 313,720 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BHVN. JPMorgan Chase & Co. boosted their price target on shares of Biohaven from $55.00 to $68.00 and gave the stock an "overweight" rating in a research note on Thursday, October 3rd. TD Cowen raised 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. Piper Sandler upped their price objective on Biohaven from $66.00 to $76.00 and gave the stock an "overweight" rating in a research report on Monday, September 23rd. Robert W. Baird increased their price objective on Biohaven from $58.00 to $60.00 and gave the company an "outperform" rating in a research note on Monday, September 23rd. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Biohaven in a research note on Tuesday, December 17th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $63.00.

Biohaven Stock Down 6.1 %

The firm has a fifty day simple moving average of $43.19 and a 200-day simple moving average of $42.19. The company has a market cap of $3.72 billion, a PE ratio of -3.94 and a beta of 1.29.

Biohaven (NYSE:BHVN - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.67) by ($0.03). Equities research analysts forecast that Biohaven Ltd. will post -8.85 earnings per share for the current fiscal year.

Insider Transactions at Biohaven

In related news, Director John W. Childs purchased 29,000 shares of the stock in a transaction that occurred on Monday, December 30th. The shares were purchased at an average price of $35.94 per share, with a total value of $1,042,260.00. Following the completion of the acquisition, the director now directly owns 2,368,741 shares in the company, valued at $85,132,551.54. This represents a 1.24 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 16.00% of the company's stock.

Institutional Trading of Biohaven

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Stifel Financial Corp boosted its holdings in shares of Biohaven by 0.4% in the third quarter. Stifel Financial Corp now owns 6,509,261 shares of the company's stock valued at $325,268,000 after acquiring an additional 28,684 shares in the last quarter. Janus Henderson Group PLC lifted its position in Biohaven by 5.6% in the third quarter. Janus Henderson Group PLC now owns 6,226,393 shares of the company's stock valued at $311,142,000 after purchasing an additional 328,099 shares during the period. Farallon Capital Management LLC boosted its holdings in Biohaven by 181.4% in the 2nd quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company's stock valued at $78,028,000 after purchasing an additional 1,449,000 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Biohaven by 2.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,714,612 shares of the company's stock valued at $85,696,000 after purchasing an additional 44,174 shares in the last quarter. Finally, Point72 Asset Management L.P. increased its position in Biohaven by 745.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company's stock worth $74,969,000 after purchasing an additional 1,322,922 shares during the period. 88.78% of the stock is owned by hedge funds and other institutional investors.

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.