Biohaven (NYSE:BHVN) Trading Up 4.4% – Here’s Why

Shares of Biohaven Ltd. (NYSE:BHVN) shot up 4.4% during trading on Wednesday . The company traded as high as $23.48 and last traded at $23.60. 73,774 shares changed hands during trading, a decline of 93% from the average session volume of 1,081,917 shares. The stock had previously closed at $22.60.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on BHVN. JPMorgan Chase & Co. dropped their target price on shares of Biohaven from $72.00 to $68.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Royal Bank of Canada reissued an “outperform” rating and issued a $61.00 price objective on shares of Biohaven in a research note on Tuesday, March 4th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a report on Tuesday, December 17th. Morgan Stanley dropped their price objective on shares of Biohaven from $69.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. Finally, Deutsche Bank Aktiengesellschaft set a $60.00 target price on Biohaven and gave the company a “buy” rating in a report on Thursday, March 20th. Fourteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $62.77.

Biohaven Price Performance

The firm’s 50-day moving average is $33.81 and its 200 day moving average is $40.94. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of -2.19 and a beta of 1.33.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, March 3rd. The company reported ($1.85) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.29). On average, sell-side analysts forecast that Biohaven Ltd. will post -8.9 EPS for the current year.

Insider Buying and Selling at Biohaven

In related news, Director John W. Childs purchased 32,700 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was purchased at an average cost of $30.47 per share, for a total transaction of $996,369.00. Following the acquisition, the director now owns 2,320,571 shares in the company, valued at approximately $70,707,798.37. This trade represents a 1.43 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Biohaven

Institutional investors and hedge funds have recently modified their holdings of the stock. Spire Wealth Management acquired a new position in shares of Biohaven during the fourth quarter worth $56,000. Amalgamated Bank raised its holdings in Biohaven by 21.9% in the fourth quarter. Amalgamated Bank now owns 2,929 shares of the company’s stock valued at $109,000 after acquiring an additional 527 shares in the last quarter. US Bancorp DE boosted its stake in Biohaven by 36.7% during the 4th quarter. US Bancorp DE now owns 2,971 shares of the company’s stock valued at $111,000 after acquiring an additional 798 shares during the last quarter. Quarry LP acquired a new position in Biohaven during the 4th quarter worth $112,000. Finally, Lazard Asset Management LLC increased its position in shares of Biohaven by 47.4% in the 4th quarter. Lazard Asset Management LLC now owns 3,207 shares of the company’s stock worth $119,000 after purchasing an additional 1,031 shares during the last quarter. Hedge funds and other institutional investors own 88.78% of the company’s stock.

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.