Biohaven (NYSE:BHVN) Shares Gap Up to $40.39

Biohaven Ltd. (NYSE:BHVN)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $40.39, but opened at $46.50. Biohaven shares last traded at $48.90, with a volume of 1,921,258 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BHVN. Morgan Stanley initiated coverage on Biohaven in a research report on Wednesday, July 24th. They issued an “overweight” rating and a $58.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $59.00 target price on shares of Biohaven in a research note on Wednesday, September 4th. Sanford C. Bernstein assumed coverage on shares of Biohaven in a research report on Wednesday, September 4th. They issued an “outperform” rating and a $55.00 price target for the company. William Blair raised shares of Biohaven to a “strong-buy” rating in a research report on Friday, August 30th. Finally, HC Wainwright reiterated a “buy” rating and issued a $59.00 target price on shares of Biohaven in a research report on Thursday, May 30th. Eleven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $54.70.

Biohaven Price Performance

The stock has a market cap of $4.01 billion, a price-to-earnings ratio of -7.16 and a beta of 1.30. The stock’s 50 day simple moving average is $38.35 and its two-hundred day simple moving average is $40.83.

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

Insider Buying and Selling at Biohaven

In other Biohaven news, Director John W. Childs purchased 28,400 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were acquired at an average cost of $35.67 per share, for a total transaction of $1,013,028.00. Following the transaction, the director now directly owns 2,339,741 shares in the company, valued at $83,458,561.47. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 16.00% of the company’s stock.

Institutional Trading of Biohaven

Hedge funds and other institutional investors have recently modified their holdings of the stock. Algert Global LLC lifted its position in Biohaven by 5.9% during the 2nd quarter. Algert Global LLC now owns 7,402 shares of the company’s stock valued at $257,000 after purchasing an additional 412 shares during the period. Hsbc Holdings PLC grew its holdings in Biohaven by 6.1% during the 2nd quarter. Hsbc Holdings PLC now owns 8,291 shares of the company’s stock worth $286,000 after acquiring an additional 480 shares during the period. Canton Hathaway LLC raised its position in shares of Biohaven by 2.3% during the 2nd quarter. Canton Hathaway LLC now owns 21,850 shares of the company’s stock valued at $758,000 after acquiring an additional 500 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of Biohaven by 3.7% in the 2nd quarter. Arizona State Retirement System now owns 20,575 shares of the company’s stock valued at $714,000 after purchasing an additional 730 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Biohaven by 4.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,431 shares of the company’s stock worth $605,000 after purchasing an additional 778 shares during the last quarter. 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.