Biohaven (NYSE:BHVN) Reaches New 52-Week Low – Time to Sell?

Biohaven Ltd. (NYSE:BHVN)’s stock price hit a new 52-week low on Friday . The stock 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 subject of a number of recent research reports. Morgan Stanley cut their target price on Biohaven from $69.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a report on Tuesday, December 17th. HC Wainwright reissued a “buy” rating and issued a $54.00 target price on shares of Biohaven in a research note on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft set a $60.00 price target on shares of Biohaven and gave the stock a “buy” rating in a research note on Thursday, March 20th. Finally, JPMorgan Chase & Co. lowered their price objective on Biohaven from $72.00 to $68.00 and set an “overweight” rating on the stock 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 an average rating of “Buy” and an average price target of $62.77.

Biohaven Stock Down 2.8 %

The stock has a fifty day moving average of $35.15 and a 200-day moving average of $41.36. The firm has a market capitalization of $2.82 billion, a P/E ratio of -2.95 and a beta of 1.27.

Biohaven (NYSE:BHVN) last announced its earnings results on Monday, March 3rd. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.29). As a group, analysts forecast that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Insider Buying and Selling at Biohaven

In other Biohaven news, Director John W. Childs bought 32,700 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were bought at an average cost of $30.47 per share, for a total transaction of $996,369.00. Following the transaction, the director now owns 2,320,571 shares in the company, valued at approximately $70,707,798.37. This trade represents a 1.43 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

Institutional investors and hedge funds have recently modified their holdings of the business. Intech Investment Management LLC acquired a new stake in Biohaven during the 3rd quarter worth $565,000. Charles Schwab Investment Management Inc. grew its stake in shares of Biohaven by 5.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 632,690 shares of the company’s stock worth $31,616,000 after purchasing an additional 32,769 shares during the period. Citigroup Inc. increased its holdings in Biohaven by 125.8% in the third quarter. Citigroup Inc. now owns 119,905 shares of the company’s stock valued at $5,992,000 after purchasing an additional 66,801 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in Biohaven by 4.8% in the third quarter. The Manufacturers Life Insurance Company now owns 192,677 shares of the company’s stock valued at $9,628,000 after buying an additional 8,905 shares during the period. Finally, D.A. Davidson & CO. bought a new position in Biohaven during the third quarter worth about $1,195,000. 88.78% of the stock is owned by institutional investors.

About Biohaven

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.