Biohaven (NYSE:BHVN) Sees Strong Trading Volume

Biohaven Ltd. (NYSE:BHVN) shares saw unusually-strong trading volume on Tuesday . Approximately 514,450 shares were traded during mid-day trading, a decline of 56% from the previous session’s volume of 1,174,870 shares.The stock last traded at $48.90 and had previously closed at $49.97.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on BHVN shares. Sanford C. Bernstein lifted their target price on shares of Biohaven from $55.00 to $66.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research note on Friday, August 30th. UBS Group reduced their price objective on shares of Biohaven from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Jefferies Financial Group started coverage on shares of Biohaven in a research note on Monday, September 16th. They issued a “buy” rating and a $57.00 price objective for the company. Finally, Morgan Stanley started coverage on shares of Biohaven in a research note on Wednesday, July 24th. They issued an “overweight” rating and a $58.00 price objective 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. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $60.92.

Biohaven Stock Down 2.4 %

The firm has a market cap of $4.31 billion, a P/E ratio of -7.32 and a beta of 1.30. The stock’s 50-day moving average is $39.81 and its 200-day moving average is $40.45.

Biohaven (NYSE:BHVN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($3.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.72) by ($1.92). As a group, analysts expect that Biohaven Ltd. will post -8.92 EPS for the current fiscal year.

Insider Buying and Selling at Biohaven

In other Biohaven news, Director Gregory Bailey purchased 5,000 shares of the stock in a transaction on Tuesday, September 24th. The shares were purchased at an average price of $44.19 per share, with a total value of $220,950.00. Following the acquisition, the director now directly owns 1,620,071 shares of the company’s stock, valued at approximately $71,590,937.49. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Gregory Bailey bought 5,000 shares of Biohaven stock in a transaction dated Tuesday, September 24th. The shares were bought at an average price of $44.19 per share, for a total transaction of $220,950.00. Following the purchase, the director now owns 1,620,071 shares of the company’s stock, valued at $71,590,937.49. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John W. Childs bought 28,400 shares of Biohaven stock in a transaction dated Thursday, July 18th. The stock was purchased at an average price of $35.67 per share, for a total transaction of $1,013,028.00. Following the purchase, the director now directly owns 2,339,741 shares in the company, valued at approximately $83,458,561.47. The disclosure for this purchase can be found here. Insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Redwood Wealth Management Group LLC acquired a new position in Biohaven during the 2nd quarter worth about $61,000. Elkhorn Partners Limited Partnership acquired a new position in Biohaven during the 2nd quarter worth about $125,000. Quarry LP lifted its position in Biohaven by 614.3% during the 2nd quarter. Quarry LP now owns 5,000 shares of the company’s stock worth $174,000 after buying an additional 4,300 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in Biohaven during the 4th quarter worth about $235,000. Finally, Cypress Wealth Services LLC acquired a new position in Biohaven during the 1st quarter worth about $326,000. 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.