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

Biohaven Ltd. (NYSE:BHVN) shares gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $35.78, but opened at $37.83. Biohaven shares last traded at $37.40, with a volume of 180,641 shares traded.

Specifically, Director John W. Childs acquired 29,000 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The shares were bought at an average price of $35.94 per share, with a total value of $1,042,260.00. Following the completion of the acquisition, the director now owns 2,368,741 shares in the company, valued at $85,132,551.54. This represents a 1.24 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analysts Set New Price Targets

BHVN has been the topic of several analyst reports. Bank of America lifted their price target on shares of Biohaven from $52.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Robert W. Baird increased their price objective on shares of Biohaven from $58.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. HC Wainwright reissued a “buy” rating and issued a $59.00 target price on shares of Biohaven in a report on Tuesday, December 17th. Leerink Partners upped their price objective on Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. Finally, Jefferies Financial Group started coverage on shares of Biohaven in a research note on Monday, September 16th. They set a “buy” rating and a $57.00 price target for the company. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $63.00.

Biohaven Stock Performance

The company has a market capitalization of $3.78 billion, a P/E ratio of -3.99 and a beta of 1.24. The company’s fifty day simple moving average is $44.71 and its 200-day simple moving average is $42.02.

Biohaven (NYSE:BHVN) last announced its earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing the consensus estimate of ($1.67) by ($0.03). On average, sell-side analysts predict that Biohaven Ltd. will post -8.85 EPS for the current year.

Hedge Funds Weigh In On Biohaven

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC acquired a new stake in shares of Biohaven during the third quarter valued at about $50,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Biohaven in the second quarter valued at $61,000. Values First Advisors Inc. purchased a new stake in shares of Biohaven in the 3rd quarter valued at $78,000. US Bancorp DE lifted its stake in Biohaven by 57.1% during the 3rd quarter. US Bancorp DE now owns 2,173 shares of the company’s stock worth $109,000 after acquiring an additional 790 shares in the last quarter. Finally, KBC Group NV boosted its holdings in Biohaven by 24.5% during the 3rd quarter. KBC Group NV now owns 2,250 shares of the company’s stock valued at $112,000 after acquiring an additional 443 shares during the period. 88.78% of the stock is owned by hedge funds and other institutional investors.

Biohaven Company Profile

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.