Biohaven (NYSE:BHVN) Trading Up 4.4% – Should You Buy?

Biohaven Ltd. (NYSE:BHVN)’s share price shot up 4.4% during trading on Wednesday . The stock 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 Analysts Forecast Growth

A number of brokerages have weighed in on BHVN. Morgan Stanley lowered their target price on Biohaven from $69.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, March 7th. JPMorgan Chase & Co. dropped their target price on shares of Biohaven from $72.00 to $68.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. HC Wainwright restated a “buy” rating and issued a $54.00 price target on shares of Biohaven in a report on Tuesday, March 4th. Deutsche Bank Aktiengesellschaft set a $60.00 price objective on shares of Biohaven and gave the company a “buy” rating in a report on Thursday, March 20th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a research note on Tuesday, December 17th. Fourteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $62.77.

Biohaven Stock Up 3.3 %

The company has a 50-day moving average of $34.55 and a 200-day moving average of $41.21. The company has a market cap of $2.38 billion, a PE ratio of -2.50 and a beta of 1.27.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data on Monday, March 3rd. The company reported ($1.85) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.29). As a group, equities analysts predict that Biohaven Ltd. will post -8.9 EPS for the current year.

Insiders Place Their Bets

In other Biohaven news, Director John W. Childs acquired 32,700 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were acquired at an average price of $30.47 per share, with a total value of $996,369.00. Following the completion of the transaction, 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 acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 16.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Biohaven

Hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its position in Biohaven by 5.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 632,690 shares of the company’s stock worth $31,616,000 after acquiring an additional 32,769 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Biohaven by 4.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 192,677 shares of the company’s stock worth $9,628,000 after purchasing an additional 8,905 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Biohaven by 563.4% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 508,622 shares of the company’s stock valued at $25,416,000 after purchasing an additional 431,954 shares during the last quarter. Captrust Financial Advisors bought a new position in Biohaven during the third quarter valued at $293,000. Finally, Erste Asset Management GmbH purchased a new stake in Biohaven in the third quarter worth $2,616,000. 88.78% of the stock is currently owned by 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.