Biohaven (NYSE:BHVN) Shares Gap Down – Should You Sell?

Biohaven Ltd. (NYSE:BHVN)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $38.47, but opened at $37.50. Biohaven shares last traded at $38.41, with a volume of 372,599 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have commented on BHVN. Jefferies Financial Group began coverage on Biohaven in a research note on Monday, September 16th. They issued a “buy” rating and a $57.00 target price on the stock. Piper Sandler raised their target price on shares of Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. HC Wainwright restated a “buy” rating and issued a $59.00 price objective on shares of Biohaven in a research note on Tuesday. Sanford C. Bernstein lifted their price objective on shares of Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Finally, TD Cowen raised their target price on shares of Biohaven from $55.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $63.00.

Biohaven Stock Performance

The firm’s fifty day simple moving average is $48.47 and its 200 day simple moving average is $41.87. The stock has a market capitalization of $3.96 billion, a P/E ratio of -4.18 and a beta of 1.24.

Biohaven (NYSE:BHVN) last posted its earnings results on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). Analysts anticipate that Biohaven Ltd. will post -8.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director John W. Childs acquired 21,052 shares of the stock in a transaction dated Wednesday, October 2nd. The stock was bought at an average price of $47.50 per share, for a total transaction of $999,970.00. Following the purchase, the director now directly owns 21,052 shares of the company’s stock, valued at $999,970. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory Bailey purchased 5,000 shares of Biohaven stock in a transaction on Tuesday, September 24th. The stock was bought at an average price of $44.19 per share, with a total value of $220,950.00. Following the completion of the acquisition, the director now directly owns 1,620,071 shares of the company’s stock, valued at approximately $71,590,937.49. This trade represents a 0.31 % increase in their position. The disclosure for this purchase can be found here. 16.00% of the stock is owned by corporate insiders.

Institutional Trading of Biohaven

Several hedge funds have recently bought and sold shares of BHVN. nVerses Capital LLC bought a new position in Biohaven in the 3rd quarter valued at about $50,000. Values First Advisors Inc. bought a new stake in Biohaven during the third quarter worth $78,000. Redwood Wealth Management Group LLC purchased a new stake in Biohaven in the 2nd quarter valued at $61,000. US Bancorp DE lifted its stake in Biohaven by 57.1% during the 3rd quarter. US Bancorp DE now owns 2,173 shares of the company’s stock valued at $109,000 after acquiring an additional 790 shares in the last quarter. Finally, KBC Group NV grew its stake in shares of Biohaven by 24.5% in the 3rd quarter. KBC Group NV now owns 2,250 shares of the company’s stock worth $112,000 after acquiring an additional 443 shares in the last quarter. 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.