Biohaven (NYSE:BHVN) Shares Gap Up Following Insider Buying Activity

Biohaven Ltd. (NYSE:BHVN)’s stock price gapped up prior to trading on Thursday following insider buying activity. The stock had previously closed at $47.99, but opened at $49.13. Biohaven shares last traded at $48.35, with a volume of 132,945 shares changing hands.

Specifically, Director John W. Childs acquired 21,052 shares of the firm’s 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 acquisition, the director now directly owns 21,052 shares of the company’s stock, valued at $999,970. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Ratings Changes

Several research analysts recently commented on BHVN shares. William Blair raised Biohaven to a “strong-buy” rating in a research report on Friday, August 30th. Sanford C. Bernstein increased their price objective on Biohaven from $55.00 to $66.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Jefferies Financial Group began coverage on shares of Biohaven in a research note on Monday, September 16th. They issued a “buy” rating and a $57.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $59.00 price target on shares of Biohaven in a research report on Tuesday, September 24th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Biohaven in a research note on Tuesday, September 24th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Biohaven presently has a consensus rating of “Buy” and an average target price of $60.92.

Biohaven Price Performance

The company has a market capitalization of $4.25 billion, a P/E ratio of -7.03 and a beta of 1.30. The company’s 50-day moving average price is $40.02 and its two-hundred day moving average price is $40.39.

Biohaven (NYSE:BHVN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($3.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.72) by ($1.92). On average, analysts anticipate that Biohaven Ltd. will post -8.92 earnings per share for the current fiscal year.

Institutional Trading of Biohaven

Hedge funds have recently added to or reduced their stakes in the company. Redwood Wealth Management Group LLC acquired a new position in Biohaven in the 2nd quarter valued at $61,000. Elkhorn Partners Limited Partnership acquired a new stake in shares of Biohaven during the second quarter worth $125,000. Quarry LP boosted its position in shares of Biohaven by 614.3% in the second quarter. Quarry LP now owns 5,000 shares of the company’s stock valued at $174,000 after acquiring an additional 4,300 shares during the period. Cypress Wealth Services LLC acquired a new position in shares of Biohaven in the first quarter valued at about $326,000. Finally, Algert Global LLC increased its position in Biohaven by 5.9% during the second quarter. Algert Global LLC now owns 7,402 shares of the company’s stock worth $257,000 after acquiring an additional 412 shares during the period. 88.78% of the stock is owned by institutional investors and hedge funds.

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.