Biohaven (NYSE:BHVN) Reaches New 1-Year Low Following Analyst Downgrade

Biohaven Ltd. (NYSE:BHVN)’s stock price reached a new 52-week low during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $68.00 to $55.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Biohaven traded as low as $14.32 and last traded at $14.67, with a volume of 48846 shares. The stock had previously closed at $14.56.

A number of other analysts have also recently weighed in on BHVN. Deutsche Bank Aktiengesellschaft set a $60.00 price target on Biohaven and gave the stock a “buy” rating in a research report on Thursday, March 20th. HC Wainwright restated a “buy” rating and issued a $54.00 target price on shares of Biohaven in a research report on Tuesday, March 4th. William Blair upgraded Biohaven to a “strong-buy” rating in a research report on Thursday, April 24th. Robert W. Baird lowered their target price on Biohaven from $60.00 to $57.00 and set an “outperform” rating on the stock in a research report on Monday, April 28th. Finally, Cantor Fitzgerald upgraded Biohaven to a “strong-buy” rating in a research report on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $58.46.

Institutional Investors Weigh In On Biohaven

Several large investors have recently modified their holdings of the stock. HighTower Advisors LLC boosted its stake in shares of Biohaven by 6.1% during the 4th quarter. HighTower Advisors LLC now owns 5,870 shares of the company’s stock worth $219,000 after acquiring an additional 335 shares in the last quarter. Prudential Financial Inc. boosted its position in shares of Biohaven by 9.4% in the fourth quarter. Prudential Financial Inc. now owns 5,980 shares of the company’s stock worth $223,000 after buying an additional 514 shares during the period. Amalgamated Bank boosted its position in shares of Biohaven by 21.9% in the fourth quarter. Amalgamated Bank now owns 2,929 shares of the company’s stock worth $109,000 after buying an additional 527 shares during the period. DnB Asset Management AS boosted its position in shares of Biohaven by 8.2% in the fourth quarter. DnB Asset Management AS now owns 7,526 shares of the company’s stock worth $281,000 after buying an additional 571 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of Biohaven by 53.7% in the first quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the company’s stock worth $43,000 after buying an additional 623 shares during the period. 88.78% of the stock is owned by institutional investors.

Biohaven Stock Down 1.2%

The firm has a market cap of $1.47 billion, a price-to-earnings ratio of -1.54 and a beta of 0.95. The company has a 50-day moving average price of $17.97 and a 200 day moving average price of $28.87.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, May 12th. The company reported ($2.17) EPS for the quarter, missing the consensus estimate of ($1.67) by ($0.50). Equities analysts forecast that Biohaven Ltd. will post -8.9 EPS for the current year.

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.