Biohaven (NYSE:BHVN) Shares Down 7.6%

Shares of Biohaven Ltd. (NYSE:BHVN – Get Rating) were down 7.6% on Friday . The company traded as low as $13.22 and last traded at $13.35. Approximately 262,320 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 1,000,995 shares. The stock had previously closed at $14.45.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on BHVN shares. JPMorgan Chase & Co. started coverage on Biohaven in a research note on Wednesday, January 4th. They issued an “overweight” rating and a $23.00 price target on the stock. SVB Leerink reaffirmed an “outperform” rating and set a $24.00 price objective on shares of Biohaven in a research note on Tuesday, January 24th. SVB Securities started coverage on Biohaven in a research note on Tuesday, January 24th. They set an “outperform” rating and a $24.00 price objective on the stock. Finally, BTIG Research started coverage on Biohaven in a research note on Friday, December 2nd. They set a “buy” rating and a $24.00 price objective on the stock. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.75.

Biohaven Stock Performance

The stock has a fifty day simple moving average of $16.57 and a 200-day simple moving average of $38.76. The stock has a market cap of $938.58 million, a P/E ratio of -0.99 and a beta of 1.12.

Hedge Funds Weigh In On Biohaven

Large investors have recently added to or reduced their stakes in the company. US Bancorp DE grew its holdings in shares of Biohaven by 19.1% in the 1st quarter. US Bancorp DE now owns 586 shares of the company’s stock valued at $70,000 after acquiring an additional 94 shares in the last quarter. Cetera Advisor Networks LLC bought a new position in shares of Biohaven in the 1st quarter valued at about $332,000. AlphaCrest Capital Management LLC bought a new position in shares of Biohaven in the 1st quarter valued at about $344,000. BlackRock Inc. grew its holdings in shares of Biohaven by 0.5% in the 1st quarter. BlackRock Inc. now owns 4,656,866 shares of the company’s stock valued at $552,163,000 after acquiring an additional 21,586 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Biohaven by 55.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 82,599 shares of the company’s stock valued at $9,794,000 after acquiring an additional 29,413 shares in the last quarter. Institutional investors own 98.01% of the company’s stock.

About Biohaven

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Biohaven Ltd., a clinical-stage biopharmaceutical company, focuses on discovering and developing therapies for patients with debilitating neurological and neuropsychiatric diseases in the United States. The company's pipeline products include BHV-7000, a potassium channel activator for the treatment of focal epilepsy; Troriluzole, a tripeptide prodrug that is in Phase 3 clinical trial for the treatment of neurological and neuropsychiatric illnesses; BHV-5500, a low-trapping glutamate N-methyl-D-aspartate receptor antagonist for neuropathic pain; and Verdiperstat, an irreversible myeloperoxidase enzyme inhibitor for the treatment of neurodegenerative diseases.