Biohaven (NYSE:BHVN) Shares Gap Up – Should You Buy?

Biohaven Ltd. (NYSE:BHVN) gapped up prior to trading on Wednesday . The stock had previously closed at $12.68, but opened at $13.85. Biohaven shares last traded at $13.3180, with a volume of 891,522 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BHVN. HC Wainwright reaffirmed a “neutral” rating and issued a $11.00 price target on shares of Biohaven in a research note on Friday, December 26th. JPMorgan Chase & Co. reduced their target price on Biohaven from $47.00 to $15.00 and set an “overweight” rating for the company in a report on Thursday, November 20th. Morgan Stanley lowered their price target on Biohaven from $26.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 6th. William Blair restated a “market perform” rating on shares of Biohaven in a report on Friday, December 26th. Finally, Bank of America lowered shares of Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Biohaven currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.57.

Biohaven Price Performance

The firm has a market cap of $1.35 billion, a price-to-earnings ratio of -1.68 and a beta of 1.14. 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’s fifty day moving average price is $10.43 and its 200-day moving average price is $13.20.

Biohaven (NYSE:BHVN) last posted its earnings results on Monday, November 10th. The company reported ($1.64) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.91) by $0.27. As a group, equities research analysts forecast that Biohaven Ltd. will post -8.9 earnings per share for the current fiscal year.

Insider Activity at Biohaven

In related news, CEO Vlad Coric purchased 666,666 shares of Biohaven stock in a transaction dated Thursday, November 13th. The shares were acquired at an average cost of $7.50 per share, with a total value of $4,999,995.00. Following the purchase, the chief executive officer owned 1,195,275 shares of the company’s stock, valued at approximately $8,964,562.50. The trade was a 126.12% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO George C. Clark bought 17,000 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The stock was bought at an average price of $8.52 per share, with a total value of $144,840.00. Following the acquisition, the chief accounting officer directly owned 20,000 shares in the company, valued at $170,400. The trade was a 566.67% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired a total of 4,416,999 shares of company stock valued at $33,144,833 over the last 90 days. Insiders own 14.60% of the company’s stock.

Hedge Funds Weigh In On Biohaven

Hedge funds and other institutional investors have recently bought and sold shares of the company. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in shares of Biohaven during the fourth quarter worth $175,000. Aberdeen Group plc purchased a new stake in Biohaven during the fourth quarter worth approximately $7,829,000. Hennion & Walsh Asset Management Inc. boosted its holdings in Biohaven by 31.2% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 44,266 shares of the company’s stock valued at $500,000 after purchasing an additional 10,539 shares in the last quarter. Exchange Traded Concepts LLC increased its stake in Biohaven by 55.3% in the fourth quarter. Exchange Traded Concepts LLC now owns 69,585 shares of the company’s stock valued at $786,000 after purchasing an additional 24,792 shares during the last quarter. Finally, Pallas Capital Advisors LLC acquired a new stake in Biohaven during the fourth quarter worth approximately $174,000. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

Biohaven Company Profile

Biohaven Ltd. (NYSE BHVN) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing therapies for neurological and neurovascular diseases. Founded in 2013 as a spin-out from Yale University, Biohaven focuses on addressing high-unmet medical needs through innovative small-molecule and peptide-based platforms. The company is headquartered in New Haven, Connecticut, and maintains research activities across the United States, with collaborative ties in Europe and Asia via strategic partnerships.

The company’s most advanced program centers on calcitonin gene-related peptide (CGRP) receptor antagonists for the acute and preventive treatment of migraine.