Biohaven (NYSE:BHVN) Shares Gap Down to $53.08

Biohaven Ltd. (NYSE:BHVN)’s share price gapped down prior to trading on Monday . The stock had previously closed at $53.08, but opened at $50.96. Biohaven shares last traded at $49.83, with a volume of 318,153 shares.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 target price on shares of Biohaven in a report on Tuesday, April 9th. JPMorgan Chase & Co. raised their price target on Biohaven from $32.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. UBS Group started coverage on Biohaven in a research note on Tuesday, February 6th. They set a “buy” rating and a $59.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a research note on Wednesday, April 10th. Finally, TD Cowen raised their price target on Biohaven from $35.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, March 1st. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Biohaven currently has an average rating of “Buy” and an average target price of $52.00.

Biohaven Trading Down 2.5 %

The stock has a 50-day simple moving average of $52.19 and a two-hundred day simple moving average of $41.21. The firm has a market capitalization of $3.56 billion, a P/E ratio of -7.71 and a beta of 1.18.

Biohaven (NYSE:BHVN) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($1.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.40). As a group, research analysts expect that Biohaven Ltd. will post -5.85 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BHVN. US Bancorp DE increased 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 during the period. Cetera Advisor Networks LLC purchased a new position in shares of Biohaven in the 1st quarter valued at $332,000. AlphaCrest Capital Management LLC purchased a new position in shares of Biohaven in the 1st quarter valued at $344,000. BlackRock Inc. increased 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 during the period. Finally, Dimensional Fund Advisors LP increased 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 during the period. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

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.