Biohaven Ltd. (NYSE:BHVN) Sees Significant Increase in Short Interest

Biohaven Ltd. (NYSE:BHVN) was the target of a significant growth in short interest in May. As of May 31st, there was short interest totalling 9,830,000 shares, a growth of 6.4% from the May 15th total of 9,240,000 shares. Based on an average daily volume of 1,440,000 shares, the short-interest ratio is currently 6.8 days.

Biohaven Trading Down 2.5 %

NYSE BHVN opened at $32.99 on Tuesday. Biohaven has a twelve month low of $16.45 and a twelve month high of $62.21. The stock has a 50-day moving average of $38.85 and a 200 day moving average of $44.05. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of -4.83 and a beta of 1.22.

Biohaven (NYSE:BHVN) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($2.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.50) by ($0.70). Equities analysts predict that Biohaven will post -7.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on BHVN shares. Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a research note on Thursday, May 30th. HC Wainwright reaffirmed a “buy” rating and set a $59.00 target price on shares of Biohaven in a research report on Thursday, May 30th. JPMorgan Chase & Co. lifted their price target on Biohaven from $32.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. TD Cowen boosted their target price on Biohaven from $35.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, March 1st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $61.00 price target on shares of Biohaven in a research report on Tuesday, April 9th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $55.00.

Insider Buying and Selling at Biohaven

In other news, Director John W. Childs purchased 28,500 shares of Biohaven stock in a transaction that occurred on Monday, May 13th. The stock was bought at an average price of $35.17 per share, with a total value of $1,002,345.00. Following the completion of the transaction, the director now directly owns 2,283,341 shares of the company’s stock, valued at $80,305,102.97. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director John W. Childs bought 28,500 shares of the business’s stock in a transaction on Monday, May 13th. The stock was acquired at an average price of $35.17 per share, with a total value of $1,002,345.00. Following the transaction, the director now owns 2,283,341 shares in the company, valued at approximately $80,305,102.97. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vlad Coric purchased 121,951 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were acquired at an average price of $41.00 per share, for a total transaction of $4,999,991.00. Following the purchase, the chief executive officer now directly owns 1,788,417 shares in the company, valued at $73,325,097. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 252,734 shares of company stock valued at $9,997,764. Corporate insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. New York State Common Retirement Fund raised its stake in shares of Biohaven by 29.9% in the third quarter. New York State Common Retirement Fund now owns 32,276 shares of the company’s stock valued at $839,000 after acquiring an additional 7,437 shares in the last quarter. Swiss National Bank lifted its position in Biohaven by 1.0% in the third quarter. Swiss National Bank now owns 127,500 shares of the company’s stock valued at $3,316,000 after purchasing an additional 1,300 shares during the period. UBS Group AG lifted its position in shares of Biohaven by 2,642.7% during the 3rd quarter. UBS Group AG now owns 88,588 shares of the company’s stock valued at $2,304,000 after acquiring an additional 85,358 shares during the period. Citigroup Inc. lifted its position in shares of Biohaven by 97.9% during the 3rd quarter. Citigroup Inc. now owns 146,907 shares of the company’s stock valued at $3,821,000 after acquiring an additional 72,673 shares during the period. Finally, Deutsche Bank AG raised its position in shares of Biohaven by 8.5% during the 3rd quarter. Deutsche Bank AG now owns 41,737 shares of the company’s stock worth $1,086,000 after purchasing an additional 3,276 shares during the last quarter. 88.78% of the stock is currently owned by hedge funds and other 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.