Biohaven (NYSE:BHVN) Reaches New 12-Month Low – Should You Sell?

Biohaven Ltd. (NYSE:BHVN) shares hit a new 52-week low on Friday . The company traded as low as $26.57 and last traded at $27.59, with a volume of 1090048 shares traded. The stock had previously closed at $28.39.

Analyst Upgrades and Downgrades

BHVN has been the topic of several recent research reports. Royal Bank of Canada restated an “outperform” rating and issued a $61.00 price objective on shares of Biohaven in a research report on Tuesday, March 4th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Biohaven in a report on Tuesday, December 17th. Morgan Stanley reduced their target price on Biohaven from $69.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, March 7th. HC Wainwright reiterated a “buy” rating and set a $54.00 price objective on shares of Biohaven in a research note on Tuesday, March 4th. Finally, JPMorgan Chase & Co. lowered their target price on Biohaven from $72.00 to $68.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Fourteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Biohaven has a consensus rating of “Buy” and a consensus price target of $62.77.

Biohaven Stock Performance

The company has a market capitalization of $2.82 billion, a PE ratio of -2.95 and a beta of 1.27. The firm has a fifty day simple moving average of $35.35 and a 200-day simple moving average of $41.38.

Biohaven (NYSE:BHVN) last released its earnings results on Monday, March 3rd. The company reported ($1.85) earnings per share for the quarter, missing the consensus estimate of ($1.56) by ($0.29). As a group, research analysts anticipate 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 purchased 29,000 shares of the stock in a transaction dated Monday, December 30th. The stock was acquired at an average cost of $35.94 per share, for a total transaction of $1,042,260.00. Following the acquisition, the director now owns 2,368,741 shares of the company’s stock, valued at $85,132,551.54. The trade was a 1.24 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 16.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Biohaven

Hedge funds have recently added to or reduced their stakes in the business. Spire Wealth Management acquired a new stake in shares of Biohaven during the fourth quarter worth $56,000. Amalgamated Bank grew its position in shares of Biohaven by 21.9% during the 4th quarter. Amalgamated Bank now owns 2,929 shares of the company’s stock valued at $109,000 after buying an additional 527 shares during the last quarter. US Bancorp DE raised its stake in Biohaven by 36.7% during the fourth quarter. US Bancorp DE now owns 2,971 shares of the company’s stock worth $111,000 after acquiring an additional 798 shares during the period. Quarry LP bought a new position in Biohaven in the fourth quarter worth about $112,000. Finally, Lazard Asset Management LLC boosted its stake in Biohaven by 47.4% in the fourth quarter. Lazard Asset Management LLC now owns 3,207 shares of the company’s stock valued at $119,000 after acquiring an additional 1,031 shares during the period. Institutional investors and hedge funds 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.