Biohaven (NYSE:BHVN) Stock Price Up 3.5%

Shares of Biohaven Ltd. (NYSE:BHVN) rose 3.5% during trading on Tuesday . The company traded as high as $34.21 and last traded at $34.16. Approximately 42,526 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 1,254,614 shares. The stock had previously closed at $32.99.

Analyst Upgrades and Downgrades

BHVN has been the subject of a number of research reports. UBS Group boosted their price target on shares of Biohaven from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. boosted their price target on shares of Biohaven from $32.00 to $56.00 and gave the stock an “overweight” rating in a research note on Friday, February 23rd. HC Wainwright reissued a “buy” rating and issued a $59.00 price target on shares of Biohaven in a research note on Thursday, May 30th. TD Cowen boosted their price target on shares of 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 issued a $59.00 price objective on shares of Biohaven in a research note on Tuesday. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Biohaven currently has a consensus rating of “Buy” and an average target price of $54.71.

Biohaven Price Performance

The company’s fifty day simple moving average is $38.10 and its 200 day simple moving average is $43.97.

Biohaven (NYSE:BHVN) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($2.20) EPS for the quarter, missing the consensus estimate of ($1.50) by ($0.70). On average, sell-side analysts predict that Biohaven Ltd. will post -7.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Vlad Coric purchased 121,951 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were purchased at an average price of $41.00 per share, with a total value of $4,999,991.00. Following the acquisition, the chief executive officer now directly owns 1,788,417 shares in the company, valued at approximately $73,325,097. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Biohaven news, Director Gregory Bailey acquired 25,503 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The shares were bought at an average price of $39.18 per share, with a total value of $999,207.54. Following the completion of the acquisition, the director now owns 1,600,071 shares in the company, valued at approximately $62,690,781.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vlad Coric acquired 121,951 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was acquired at an average cost of $41.00 per share, for a total transaction of $4,999,991.00. Following the acquisition, the chief executive officer now owns 1,788,417 shares of the company’s stock, valued at approximately $73,325,097. The disclosure for this purchase can be found here. Insiders acquired a total of 252,734 shares of company stock worth $9,997,764 in the last three months. 16.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Biohaven

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Farallon Capital Management LLC boosted its holdings in shares of Biohaven by 6.5% in the first quarter. Farallon Capital Management LLC now owns 799,000 shares of the company’s stock worth $43,697,000 after buying an additional 49,000 shares during the last quarter. Virtu Financial LLC bought a new stake in Biohaven during the 1st quarter worth approximately $455,000. Kennedy Capital Management LLC bought a new stake in Biohaven during the 1st quarter worth approximately $12,099,000. Darwin Global Management Ltd. bought a new stake in Biohaven during the 1st quarter worth approximately $80,776,000. Finally, Bellevue Group AG raised its stake in Biohaven by 7.0% during the 1st quarter. Bellevue Group AG now owns 1,150,000 shares of the company’s stock worth $62,894,000 after acquiring an additional 75,000 shares during the period. Hedge funds and other institutional investors own 88.78% of the company’s stock.

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.