Biohaven (NYSE:BHVN) Shares Up 11.9% – Here’s Why

Biohaven Ltd. (NYSE:BHVN)’s share price traded up 11.9% during mid-day trading on Wednesday . The company traded as high as $10.63 and last traded at $10.7670. 616,053 shares changed hands during trading, a decline of 75% from the average session volume of 2,448,340 shares. The stock had previously closed at $9.62.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on BHVN. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Biohaven in a report on Monday, December 29th. Cowen reaffirmed a “buy” rating on shares of Biohaven in a report on Wednesday, November 5th. Bank of America lowered Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research note on Wednesday, November 5th. Citigroup restated a “buy” rating on shares of Biohaven in a research report on Friday, December 26th. Finally, Robert W. Baird set a $42.00 price objective on Biohaven in a research note on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Biohaven currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.57.

Biohaven Price Performance

The business has a 50-day moving average of $10.49 and a two-hundred day moving average of $13.38. 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 firm has a market cap of $1.19 billion, a P/E ratio of -1.50 and a beta of 1.14.

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

Insider Buying and Selling at Biohaven

In other Biohaven news, CAO George C. Clark purchased 17,000 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was purchased at an average cost of $8.52 per share, for a total transaction of $144,840.00. Following the transaction, the chief accounting officer owned 20,000 shares in the company, valued at $170,400. The trade was a 566.67% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director John W. Childs purchased 3,333,333 shares of the business’s stock in a transaction dated Thursday, November 13th. The shares were acquired at an average price of $7.50 per share, for a total transaction of $24,999,997.50. Following the acquisition, the director owned 5,653,904 shares of the company’s stock, valued at $42,404,280. This trade represents a 143.64% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders bought 4,416,999 shares of company stock valued at $33,144,833. 14.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Biohaven

Several institutional investors have recently added to or reduced their stakes in BHVN. XTX Topco Ltd acquired a new stake in shares of Biohaven during the 3rd quarter worth approximately $955,000. Alyeska Investment Group L.P. bought a new stake in Biohaven in the third quarter valued at $3,002,000. Verition Fund Management LLC raised its holdings in shares of Biohaven by 19.4% during the third quarter. Verition Fund Management LLC now owns 146,180 shares of the company’s stock valued at $2,194,000 after purchasing an additional 23,724 shares during the period. Quantessence Capital LLC bought a new position in shares of Biohaven during the 3rd quarter worth about $945,000. Finally, Quarry LP acquired a new stake in shares of Biohaven in the 3rd quarter valued at about $150,000. 88.78% of the stock is owned by institutional investors and hedge funds.

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.