Biohaven (NYSE:BHVN) Shares Gap Up – Time to Buy?

Biohaven Ltd. (NYSE:BHVN) shares gapped up before the market opened on Tuesday . The stock had previously closed at $38.25, but opened at $40.80. Biohaven shares last traded at $39.50, with a volume of 364,829 shares.

Wall Street Analyst Weigh In

BHVN has been the subject of several recent research reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a research note on Tuesday, December 17th. TD Cowen raised their price target on shares of Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Royal Bank of Canada reissued an “outperform” rating and set a $61.00 target price (up from $58.00) on shares of Biohaven in a research report on Wednesday, December 4th. HC Wainwright reiterated a “buy” rating and set a $59.00 price target on shares of Biohaven in a research note on Tuesday, December 17th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Biohaven in a research note on Tuesday. They issued a “buy” rating and a $65.00 price objective on the stock. Fourteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $63.15.

Biohaven Trading Down 1.0 %

The business has a fifty day moving average price of $38.67 and a 200 day moving average price of $42.63.

Biohaven (NYSE:BHVN) last released its earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing the consensus estimate of ($1.67) by ($0.03). Equities research analysts anticipate that Biohaven Ltd. will post -8.9 EPS for the current year.

Insider Activity at Biohaven

In other Biohaven news, Director John W. Childs purchased 29,000 shares of the firm’s stock in a transaction on Monday, December 30th. The shares were purchased at an average price of $35.94 per share, for a total transaction of $1,042,260.00. Following the completion of the purchase, the director now directly owns 2,368,741 shares of the company’s stock, valued at approximately $85,132,551.54. This represents a 1.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

Hedge funds and other institutional investors have recently made changes to their positions in the business. nVerses Capital LLC bought a new position in shares of Biohaven during the 3rd quarter worth approximately $50,000. Spire Wealth Management acquired a new stake in shares of Biohaven during the 4th quarter worth about $56,000. Values First Advisors Inc. bought a new position in Biohaven during the 3rd quarter valued at about $78,000. US Bancorp DE grew its stake in Biohaven by 57.1% during the third quarter. US Bancorp DE now owns 2,173 shares of the company’s stock worth $109,000 after buying an additional 790 shares during the last quarter. Finally, KBC Group NV grew its stake in Biohaven by 24.5% during the third quarter. KBC Group NV now owns 2,250 shares of the company’s stock worth $112,000 after buying an additional 443 shares during the last quarter. 88.78% of the stock is owned by institutional investors.

About Biohaven

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.