Biohaven (NYSE:BHVN) Shares Down 9.9% - Here's What Happened

Biohaven Ltd. (NYSE:BHVN - Get Free Report) shares fell 9.9% during mid-day trading on Monday . The stock traded as low as $24.42 and last traded at $24.91. 303,832 shares were traded during mid-day trading, a decline of 72% from the average session volume of 1,068,588 shares. The stock had previously closed at $27.65.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Royal Bank of Canada restated an "outperform" rating and set a $61.00 price target on shares of Biohaven in a research report on Tuesday, March 4th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Biohaven in a research report on Tuesday, December 17th. Deutsche Bank Aktiengesellschaft set a $60.00 price objective on Biohaven and gave the company a "buy" rating in a research report on Thursday, March 20th. HC Wainwright reiterated a "buy" rating and set a $54.00 target price on shares of Biohaven in a research report on Tuesday, March 4th. Finally, Morgan Stanley cut their price target on shares of Biohaven from $69.00 to $63.00 and set an "overweight" rating for the company in a report on Friday, March 7th. Fourteen equities 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 stock presently has an average rating of "Buy" and a consensus price target of $62.77.

Biohaven Stock Down 9.8 %

The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of -1.98 and a beta of 1.33. The business's 50-day moving average is $33.81 and its two-hundred day moving average is $40.94.

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Biohaven (NYSE:BHVN - Get Free Report) last posted its quarterly earnings results on Monday, March 3rd. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.56) by ($0.29). As a group, analysts forecast that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Insider Buying and Selling at Biohaven

In other news, Director John W. Childs bought 32,700 shares of the firm's stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $30.47 per share, for a total transaction of $996,369.00. Following the acquisition, the director now directly owns 2,320,571 shares of the company's stock, valued at $70,707,798.37. This trade represents a 1.43 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. 16.00% of the stock is owned by company insiders.

Institutional Trading of Biohaven

Institutional investors have recently made changes to their positions in the company. Teacher Retirement System of Texas increased its stake in Biohaven by 31.6% during the fourth quarter. Teacher Retirement System of Texas now owns 23,320 shares of the company's stock worth $871,000 after acquiring an additional 5,600 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Biohaven by 9.1% in the 4th quarter. Bank of New York Mellon Corp now owns 295,078 shares of the company's stock valued at $11,021,000 after buying an additional 24,703 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in Biohaven in the third quarter valued at about $1,339,000. JPMorgan Chase & Co. boosted its stake in Biohaven by 85.4% during the third quarter. JPMorgan Chase & Co. now owns 809,448 shares of the company's stock worth $40,448,000 after buying an additional 372,737 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Biohaven by 9.5% in the 4th quarter. American Century Companies Inc. now owns 558,761 shares of the company's stock valued at $20,870,000 after acquiring an additional 48,286 shares during the period. Hedge funds and other 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.