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

Biohaven Ltd. (NYSE:BHVN) gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $35.78, but opened at $37.83. Biohaven shares last traded at $37.40, with a volume of 180,641 shares.

Specifically, Director John W. Childs purchased 29,000 shares of the stock in a transaction on Monday, December 30th. The shares were bought at an average price of $35.94 per share, for a total transaction of $1,042,260.00. Following the completion of the transaction, the director now owns 2,368,741 shares of the company’s stock, valued at $85,132,551.54. This trade represents a 1.24 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on BHVN shares. TD Cowen raised their target price on Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Robert W. Baird boosted their price target on shares of Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. JPMorgan Chase & Co. increased their price objective on shares of Biohaven from $55.00 to $68.00 and gave the company an “overweight” rating in a report on Thursday, October 3rd. Leerink Partners boosted their target price on Biohaven from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $61.00 price target (up previously from $58.00) on shares of Biohaven in a report on Wednesday, December 4th. Thirteen research 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, the company has a consensus rating of “Buy” and a consensus price target of $63.00.

Biohaven Price Performance

The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of -3.99 and a beta of 1.24. The firm’s 50-day simple moving average is $45.02 and its two-hundred day simple moving average is $42.05.

Biohaven (NYSE:BHVN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). On average, analysts expect that Biohaven Ltd. will post -8.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. SpiderRock Advisors LLC acquired a new stake in Biohaven during the 3rd quarter valued at $620,000. Citigroup Inc. boosted its stake in shares of Biohaven by 125.8% during the third quarter. Citigroup Inc. now owns 119,905 shares of the company’s stock valued at $5,992,000 after acquiring an additional 66,801 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Biohaven during the 3rd quarter worth about $1,339,000. XTX Topco Ltd raised its stake in Biohaven by 278.5% in the 3rd quarter. XTX Topco Ltd now owns 32,510 shares of the company’s stock valued at $1,625,000 after purchasing an additional 23,921 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Biohaven by 234.5% in the 2nd quarter. Principal Financial Group Inc. now owns 79,048 shares of the company’s stock valued at $2,744,000 after purchasing an additional 55,415 shares in the last quarter. Hedge funds and other institutional investors 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.