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

Biohaven Ltd. (NYSE:BHVN) gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $35.78, but opened at $37.83. Biohaven shares last traded at $37.40, with a volume of 180,641 shares changing hands.

Specifically, Director John W. Childs bought 29,000 shares of the company’s stock in a transaction on Monday, December 30th. The stock was bought at an average price of $35.94 per share, for a total transaction of $1,042,260.00. Following the transaction, the director now owns 2,368,741 shares of the company’s stock, valued at approximately $85,132,551.54. The trade was a 1.24 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analyst Weigh In

BHVN has been the subject of a number of recent analyst reports. Leerink Partners upped their price objective on Biohaven from $55.00 to $60.00 and gave the company an “outperform” rating in a report on Monday, September 23rd. Bank of America increased their price target on shares of Biohaven from $52.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. TD Cowen boosted their price objective on shares of Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Jefferies Financial Group began coverage on shares of Biohaven in a report on Monday, September 16th. They issued a “buy” rating and a $57.00 target price on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $61.00 price target (up previously from $58.00) on shares of Biohaven in a report on Wednesday, December 4th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Biohaven presently has a consensus rating of “Buy” and an average price target of $63.00.

Biohaven Stock Up 3.4 %

The stock has a fifty day moving average of $45.32 and a 200-day moving average of $42.03. The firm has a market capitalization of $3.74 billion, a P/E ratio of -3.96 and a beta of 1.24.

Biohaven (NYSE:BHVN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing the consensus estimate of ($1.67) by ($0.03). Sell-side analysts predict that Biohaven Ltd. will post -8.85 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BHVN. nVerses Capital LLC acquired a new position in shares of Biohaven in the 3rd quarter valued at approximately $50,000. Values First Advisors Inc. bought a new stake in Biohaven during the 3rd quarter worth approximately $78,000. Redwood Wealth Management Group LLC bought a new position in shares of Biohaven during the second quarter valued at $61,000. US Bancorp DE lifted its holdings in shares of Biohaven by 57.1% during the third quarter. US Bancorp DE now owns 2,173 shares of the company’s stock worth $109,000 after purchasing an additional 790 shares during the period. Finally, KBC Group NV lifted its holdings in Biohaven by 24.5% during the 3rd quarter. KBC Group NV now owns 2,250 shares of the company’s stock worth $112,000 after buying an additional 443 shares during the period. 88.78% of the stock is owned by 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.