Biohaven (NYSE:BHVN) Shares Gap Up to $55.23

Biohaven Ltd. (NYSE:BHVN) shares gapped up prior to trading on Tuesday . The stock had previously closed at $55.23, but opened at $58.20. Biohaven shares last traded at $57.98, with a volume of 154,581 shares trading hands.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Robert W. Baird assumed coverage on Biohaven in a research report on Friday, December 8th. They issued an “outperform” rating and a $58.00 price objective for the company. HC Wainwright upped 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. UBS Group initiated 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. Royal Bank of Canada reduced their price target on Biohaven from $62.00 to $61.00 and set an “outperform” rating for the company in a research report on Friday, March 1st. Finally, TD Cowen upped 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. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $49.67.

Biohaven Stock Performance

The firm has a market cap of $4.65 billion, a price-to-earnings ratio of -10.07 and a beta of 1.18. The firm has a fifty day simple moving average of $50.56 and a 200-day simple moving average of $37.95.

Biohaven (NYSE:BHVN) last posted its earnings results on Thursday, February 29th. The company reported ($1.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.40). Analysts expect that Biohaven Ltd. will post -5.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Irina Antonijevic sold 11,000 shares of the firm’s stock in a transaction on Friday, December 29th. The stock was sold at an average price of $41.79, for a total value of $459,690.00. Following the transaction, the director now owns 2,535 shares in the company, valued at $105,937.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BHVN. Point72 Asset Management L.P. grew its position in Biohaven by 142.2% in the fourth quarter. Point72 Asset Management L.P. now owns 2,483,567 shares of the company’s stock valued at $106,297,000 after acquiring an additional 1,458,072 shares during the last quarter. Bellevue Group AG acquired a new stake in shares of Biohaven during the fourth quarter valued at about $46,010,000. Perceptive Advisors LLC boosted its stake in shares of Biohaven by 129.4% during the fourth quarter. Perceptive Advisors LLC now owns 1,725,047 shares of the company’s stock valued at $73,832,000 after purchasing an additional 973,227 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Biohaven by 269.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,316,204 shares of the company’s stock valued at $18,269,000 after purchasing an additional 959,947 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Biohaven during the fourth quarter valued at about $9,200,000. Institutional investors own 88.78% of the company’s stock.

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.