Biohaven Ltd. (NYSE:BHVN – Get Rating) saw a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 2,920,000 shares, an increase of 8.6% from the October 15th total of 2,690,000 shares. Based on an average daily volume of 2,610,000 shares, the days-to-cover ratio is presently 1.1 days. Approximately 11.3% of the shares of the company are sold short.
Biohaven Stock Performance
Shares of NYSE:BHVN traded down $0.27 on Thursday, hitting $14.30. The stock had a trading volume of 1,030,561 shares, compared to its average volume of 2,278,553. Biohaven has a twelve month low of $5.54 and a twelve month high of $17.39. The firm’s 50 day moving average price is $63.20 and its 200-day moving average price is $114.51. The company has a market capitalization of $974.70 million, a price-to-earnings ratio of -1.04 and a beta of 1.01.
Biohaven (NYSE:BHVN – Get Rating) last issued its earnings results on Wednesday, November 9th. The company reported ($1.75) EPS for the quarter, beating the consensus estimate of ($2.53) by $0.78. As a group, sell-side analysts predict that Biohaven will post -12.8 EPS for the current year.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on BHVN shares. Wedbush downgraded shares of Biohaven from an “outperform” rating to a “neutral” rating and set a $148.50 price objective on the stock. in a research note on Monday, August 8th. Cowen decreased their price target on shares of Biohaven to $25.00 in a research note on Monday, November 7th. Cowen set a $25.00 price target on shares of Biohaven in a research note on Monday, November 7th. Piper Sandler decreased their price target on shares of Biohaven from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 26th. Finally, Cantor Fitzgerald upgraded shares of Biohaven from a “neutral” rating to an “overweight” rating and decreased their price target for the stock from $158.00 to $27.00 in a research note on Wednesday, October 26th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Biohaven has an average rating of “Hold” and a consensus target price of $101.65.
Insider Activity
In related news, CEO Vlad Coric acquired 25,800 shares of the stock in a transaction dated Monday, October 31st. The shares were acquired at an average price of $15.97 per share, for a total transaction of $412,026.00. Following the completion of the purchase, the chief executive officer now owns 1,543,394 shares in the company, valued at approximately $24,648,002.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Vlad Coric acquired 25,800 shares of the stock in a transaction dated Monday, October 31st. The shares were acquired at an average price of $15.97 per share, for a total transaction of $412,026.00. Following the completion of the purchase, the chief executive officer now owns 1,543,394 shares in the company, valued at approximately $24,648,002.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Matthew Buten acquired 142,857 shares of the stock in a transaction dated Tuesday, October 25th. The stock was bought at an average price of $10.50 per share, for a total transaction of $1,499,998.50. Following the purchase, the chief financial officer now owns 166,653 shares of the company’s stock, valued at approximately $1,749,856.50. The disclosure for this purchase can be found here. Insiders have bought a total of 1,301,967 shares of company stock valued at $19,221,534 over the last 90 days. 12.40% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Biohaven
Several institutional investors and hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its holdings in shares of Biohaven by 311.8% in the second quarter. EverSource Wealth Advisors LLC now owns 280 shares of the company’s stock valued at $41,000 after buying an additional 212 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of Biohaven in the second quarter valued at about $59,000. Exchange Traded Concepts LLC raised its holdings in shares of Biohaven by 151.6% in the second quarter. Exchange Traded Concepts LLC now owns 536 shares of the company’s stock valued at $78,000 after buying an additional 323 shares during the last quarter. US Bancorp DE raised its holdings in shares of Biohaven by 19.1% in the first quarter. US Bancorp DE now owns 586 shares of the company’s stock valued at $70,000 after buying an additional 94 shares during the last quarter. Finally, Washington Trust Advisors Inc. raised its holdings in shares of Biohaven by 24.6% in the first quarter. Washington Trust Advisors Inc. now owns 810 shares of the company’s stock valued at $96,000 after buying an additional 160 shares during the last quarter. Institutional investors and hedge funds own 78.19% of the company’s stock.
About Biohaven
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.