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

Shares of Biohaven Ltd. (NYSE:BHVN) gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $34.71, but opened at $36.09. Biohaven shares last traded at $35.53, with a volume of 85,673 shares traded.

Specifically, Director John W. Childs acquired 28,400 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was acquired at an average cost of $35.67 per share, for a total transaction of $1,013,028.00. Following the completion of the acquisition, the director now owns 2,339,741 shares in the company, valued at $83,458,561.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Vlad Coric acquired 121,951 shares of the business’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 completion of the acquisition, the chief executive officer now owns 1,788,417 shares in the company, valued at $73,325,097. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John W. Childs acquired 28,400 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were purchased at an average price of $35.67 per share, with a total value of $1,013,028.00. Following the completion of the acquisition, the director now owns 2,339,741 shares of the company’s stock, valued at approximately $83,458,561.47. The disclosure for this purchase can be found here. Insiders acquired 281,134 shares of company stock worth $11,010,792 over the last quarter. Corporate insiders own 16.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on BHVN shares. UBS Group increased their target price on shares of Biohaven from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. HC Wainwright reissued a “buy” rating and set a $59.00 target price on shares of Biohaven in a research report on Thursday, May 30th. Royal Bank of Canada reissued an “outperform” rating and set a $59.00 target price on shares of Biohaven in a research report on Tuesday, June 18th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a research report on Thursday, May 30th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $54.71.

Biohaven Price Performance

The company has a 50-day moving average price of $35.36 and a 200-day moving average price of $43.57.

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

Institutional Investors Weigh In On Biohaven

Hedge funds and other institutional investors have recently made changes to their positions in the business. Thompson Davis & CO. Inc. acquired a new stake in Biohaven during the fourth quarter worth about $214,000. Prevail Innovative Wealth Advisors LLC acquired a new stake in Biohaven during the fourth quarter worth about $230,000. Private Advisor Group LLC acquired a new stake in Biohaven during the fourth quarter worth about $231,000. Capstone Investment Advisors LLC acquired a new stake in Biohaven during the fourth quarter worth about $235,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Biohaven during the third quarter worth about $236,000. 88.78% of the stock is owned by institutional investors and hedge funds.

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.