Biohaven (NYSE:BHVN) Shares Up 7.4% on Insider Buying Activity

Biohaven Ltd. (NYSE:BHVN) shot up 7.4% during trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as $49.25 and last traded at $48.38. 327,698 shares changed hands during trading, a decline of 72% from the average session volume of 1,173,035 shares. The stock had previously closed at $45.04.

Specifically, Director Gregory Bailey acquired 5,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was acquired at an average cost of $44.19 per share, for a total transaction of $220,950.00. Following the transaction, the director now directly owns 1,620,071 shares in the company, valued at $71,590,937.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on BHVN shares. Jefferies Financial Group began coverage on shares of Biohaven in a research note on Monday, September 16th. They set a “buy” rating and a $57.00 target price on the stock. Bank of America boosted their price objective on Biohaven from $52.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday. Sanford C. Bernstein increased their target price on Biohaven from $55.00 to $66.00 and gave the company an “outperform” rating in a research report on Tuesday. Robert W. Baird lifted their price target on Biohaven from $58.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday. Finally, Piper Sandler upped their price objective on Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a research note on Monday. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $60.92.

Biohaven Price Performance

The company’s 50-day moving average price is $39.23 and its two-hundred day moving average price is $40.78. The company has a market capitalization of $4.84 billion, a price-to-earnings ratio of -7.49 and a beta of 1.30.

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

Institutional Investors Weigh In On Biohaven

Several large investors have recently added to or reduced their stakes in the business. Redwood Wealth Management Group LLC bought a new position in shares of Biohaven during the 2nd quarter worth approximately $61,000. Elkhorn Partners Limited Partnership acquired a new position in shares of Biohaven during the 2nd quarter valued at $125,000. Quarry LP boosted its stake in Biohaven by 614.3% during the second quarter. Quarry LP now owns 5,000 shares of the company’s stock worth $174,000 after acquiring an additional 4,300 shares in the last quarter. Prevail Innovative Wealth Advisors LLC acquired a new stake in Biohaven in the fourth quarter worth $230,000. Finally, Capstone Investment Advisors LLC bought a new stake in Biohaven in the fourth quarter valued at $235,000. Institutional investors and hedge funds 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.