Biohaven (NYSE:BHVN) Shares Up 4.2% – Here’s Why

Biohaven Ltd. (NYSE:BHVN) was up 4.2% on Thursday . The stock traded as high as $10.28 and last traded at $9.8610. Approximately 2,243,429 shares traded hands during trading, an increase of 1% from the average daily volume of 2,216,038 shares. The stock had previously closed at $9.46.

Analysts Set New Price Targets

BHVN has been the topic of a number of analyst reports. Robert W. Baird set a $42.00 price target on Biohaven in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Biohaven in a research report on Monday. UBS Group dropped their price target on Biohaven from $27.00 to $26.00 and set a “buy” rating for the company in a research report on Tuesday, September 16th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $9.00 price objective (down from $34.00) on shares of Biohaven in a research report on Thursday, November 6th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Biohaven from $47.00 to $15.00 and set an “overweight” rating on the stock in a research note on Thursday. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Biohaven currently has an average rating of “Moderate Buy” and an average price target of $28.36.

Biohaven Trading Up 1.3%

The business has a 50 day simple moving average of $14.04 and a 200-day simple moving average of $14.90. The company has a current ratio of 2.86, a quick ratio of 2.86 and a debt-to-equity ratio of 1.91. The stock has a market capitalization of $1.01 billion, a price-to-earnings ratio of -1.26 and a beta of 1.10.

Biohaven (NYSE:BHVN) last released its earnings results on Monday, November 10th. The company reported ($1.64) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.91) by $0.27. On average, equities analysts predict that Biohaven Ltd. will post -8.9 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO George C. Clark purchased 17,000 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The shares were acquired at an average price of $8.52 per share, with a total value of $144,840.00. Following the acquisition, the chief accounting officer owned 20,000 shares in the company, valued at approximately $170,400. This trade represents a 566.67% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gregory Bailey bought 400,000 shares of the business’s stock in a transaction on Thursday, November 13th. The stock was bought at an average price of $7.50 per share, for a total transaction of $3,000,000.00. Following the completion of the purchase, the director directly owned 2,020,071 shares of the company’s stock, valued at $15,150,532.50. The trade was a 24.69% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 4,416,999 shares of company stock valued at $33,144,833 over the last three months. 16.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. SVB Wealth LLC acquired a new stake in Biohaven during the first quarter valued at approximately $25,000. PNC Financial Services Group Inc. boosted its stake in shares of Biohaven by 113.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company’s stock worth $36,000 after acquiring an additional 1,268 shares in the last quarter. PFS Partners LLC acquired a new position in shares of Biohaven during the 3rd quarter valued at about $60,000. IFP Advisors Inc raised its stake in shares of Biohaven by 84,800.0% in the 1st quarter. IFP Advisors Inc now owns 2,547 shares of the company’s stock valued at $61,000 after acquiring an additional 2,544 shares in the last quarter. Finally, Elkhorn Partners Limited Partnership lifted its holdings in Biohaven by 26.1% in the 2nd quarter. Elkhorn Partners Limited Partnership now owns 5,800 shares of the company’s stock worth $82,000 after purchasing an additional 1,200 shares during the last quarter. 88.78% of the stock is currently 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.