Biohaven (NYSE:BHVN) Shares Gap Up After Insider Buying Activity

Biohaven Ltd. (NYSE:BHVN) shares gapped up prior to trading on Tuesday following insider buying activity. 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 changing hands.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on BHVN. HC Wainwright increased their price target on shares of Biohaven from $50.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. UBS Group increased their target price on Biohaven from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday. TD Cowen boosted their price target on Biohaven from $35.00 to $55.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Royal Bank of Canada restated an “outperform” rating and set a $61.00 price objective on shares of Biohaven in a research note on Tuesday, April 9th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Biohaven from $32.00 to $56.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, Biohaven has an average rating of “Buy” and a consensus price target of $52.13.

Biohaven Stock Performance

The stock has a 50 day moving average of $51.63 and a 200 day moving average of $41.70. The stock has a market capitalization of $3.24 billion, a P/E ratio of -7.00 and a beta of 1.18.

Biohaven (NYSE:BHVN) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($1.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.41) by ($0.40). On average, research analysts anticipate that Biohaven Ltd. will post -5.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Simon Quick Advisors LLC increased its holdings in shares of Biohaven by 36.3% during the fourth quarter. Simon Quick Advisors LLC now owns 74,968 shares of the company’s stock valued at $3,209,000 after purchasing an additional 19,968 shares during the period. Citigroup Inc. increased its stake in Biohaven by 97.9% during the 3rd quarter. Citigroup Inc. now owns 146,907 shares of the company’s stock valued at $3,821,000 after buying an additional 72,673 shares during the period. Legato Capital Management LLC bought a new stake in shares of Biohaven during the 4th quarter worth about $469,000. Monashee Investment Management LLC raised its position in shares of Biohaven by 80.0% during the 3rd quarter. Monashee Investment Management LLC now owns 90,000 shares of the company’s stock worth $2,341,000 after buying an additional 40,000 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in shares of Biohaven in the 3rd quarter worth approximately $923,000. Institutional investors own 88.78% of the company’s stock.

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.