Biohaven (NYSE:BHVN) Shares Gap Up on 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 $38.33, but opened at $40.54. Biohaven shares last traded at $39.49, with a volume of 325,573 shares.

Specifically, Director Gregory Bailey purchased 48,780 shares of Biohaven stock in a transaction dated Monday, April 22nd. The shares were purchased at an average cost of $41.00 per share, for a total transaction of $1,999,980.00. Following the completion of the acquisition, the director now owns 1,574,568 shares in the company, valued at approximately $64,557,288. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Vlad Coric purchased 121,951 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were acquired at an average cost of $41.00 per share, for a total transaction of $4,999,991.00. Following the acquisition, the chief executive officer now owns 1,788,417 shares of the company’s stock, valued at approximately $73,325,097. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Gregory Bailey acquired 48,780 shares of the stock in a transaction dated Monday, April 22nd. The stock was acquired at an average cost of $41.00 per share, with a total value of $1,999,980.00. Following the transaction, the director now directly owns 1,574,568 shares in the company, valued at $64,557,288. The disclosure for this purchase can be found here. Company insiders own 16.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BHVN. UBS Group began coverage on Biohaven in a research report on Tuesday, February 6th. They set a “buy” rating and a $59.00 price target for the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a research report on Thursday, April 18th. TD Cowen lifted their price target on Biohaven from $35.00 to $55.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. JPMorgan Chase & Co. lifted their price target on Biohaven from $32.00 to $56.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. Finally, HC Wainwright lifted their price target on Biohaven from $50.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $52.00.

Biohaven Stock Performance

The company has a 50 day moving average of $51.63 and a two-hundred day moving average of $41.70. The stock has a market cap of $3.34 billion, a PE ratio of -7.27 and a beta of 1.18.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data on Thursday, February 29th. The company reported ($1.81) EPS for the quarter, missing the consensus estimate of ($1.41) by ($0.40). As a group, equities research analysts anticipate that Biohaven Ltd. will post -5.85 EPS for the current year.

Institutional Investors Weigh In On Biohaven

Several large investors have recently bought and sold shares of the company. Teacher Retirement System of Texas increased its stake in Biohaven by 4.7% during the 3rd quarter. Teacher Retirement System of Texas now owns 16,486 shares of the company’s stock worth $429,000 after buying an additional 746 shares in the last quarter. Raymond James & Associates grew its position in shares of Biohaven by 3.5% in the fourth quarter. Raymond James & Associates now owns 28,499 shares of the company’s stock valued at $1,220,000 after purchasing an additional 954 shares in the last quarter. Swiss National Bank grew its position in shares of Biohaven by 1.0% in the third quarter. Swiss National Bank now owns 127,500 shares of the company’s stock valued at $3,316,000 after purchasing an additional 1,300 shares in the last quarter. Weybosset Research & Management LLC grew its position in shares of Biohaven by 12.4% in the fourth quarter. Weybosset Research & Management LLC now owns 13,640 shares of the company’s stock valued at $584,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Biohaven by 5.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,094 shares of the company’s stock valued at $1,716,000 after purchasing an additional 2,023 shares in the last quarter. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

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.