Biohaven (NYSE:BHVN) Stock Price Down 6.4% - Should You Sell?

Biohaven Ltd. (NYSE:BHVN - Get Free Report) shares were down 6.4% during mid-day trading on Tuesday . The stock traded as low as $35.05 and last traded at $35.09. Approximately 531,205 shares were traded during mid-day trading, a decline of 47% from the average daily volume of 995,674 shares. The stock had previously closed at $37.48.

Wall Street Analysts Forecast Growth

BHVN has been the topic of several research reports. Bank of America upped their price target on shares of Biohaven from $52.00 to $62.00 and gave the stock a "buy" rating in a research report on Tuesday, September 24th. Leerink Partners upped their target price on shares of Biohaven from $55.00 to $60.00 and gave the stock an "outperform" rating in a research report on Monday, September 23rd. TD Cowen increased their price target on shares of Biohaven from $55.00 to $75.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Robert W. Baird boosted their price objective on shares of Biohaven from $58.00 to $60.00 and gave the stock an "outperform" rating in a research report on Monday, September 23rd. Finally, JPMorgan Chase & Co. increased their price objective on Biohaven from $55.00 to $68.00 and gave the company an "overweight" rating in a research report on Thursday, October 3rd. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $63.00.

Biohaven Trading Down 5.1 %

The business has a 50 day moving average of $42.65 and a two-hundred day moving average of $42.32. The firm has a market cap of $3.60 billion, a P/E ratio of -3.80 and a beta of 1.29.

Biohaven (NYSE:BHVN - Get Free Report) last posted its 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). On average, sell-side analysts predict that Biohaven Ltd. will post -8.85 EPS for the current year.

Insider Activity at Biohaven

In related news, Director John W. Childs bought 29,000 shares of Biohaven stock in a transaction dated Monday, December 30th. The shares were bought at an average cost of $35.94 per share, with a total value of $1,042,260.00. Following the acquisition, the director now owns 2,368,741 shares in the company, valued at $85,132,551.54. This trade represents a 1.24 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 16.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Biohaven

Several hedge funds and other institutional investors have recently made changes to their positions in the company. nVerses Capital LLC acquired a new stake in shares of Biohaven in the 3rd quarter valued at $50,000. Redwood Wealth Management Group LLC bought a new position in Biohaven in the second quarter valued at about $61,000. Values First Advisors Inc. bought a new position in Biohaven in the third quarter valued at about $78,000. US Bancorp DE grew its position in Biohaven by 57.1% in the third quarter. US Bancorp DE now owns 2,173 shares of the company's stock valued at $109,000 after acquiring an additional 790 shares during the last quarter. Finally, KBC Group NV raised its stake in 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 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.