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

Biohaven Ltd. (NYSE:BHVN) shares gapped up prior to trading on Tuesday after an insider bought additional shares in the company. 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.

Specifically, Director John W. Childs acquired 29,000 shares of the company’s stock in a transaction dated Monday, December 30th. The shares were bought at an average price of $35.94 per share, for a total transaction of $1,042,260.00. Following the completion of the purchase, the director now directly owns 2,368,741 shares of the company’s stock, valued at approximately $85,132,551.54. This trade represents a 1.24 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird upped their target price on shares of Biohaven from $58.00 to $60.00 and gave the company an “outperform” rating in a research note on Monday, September 23rd. Piper Sandler lifted their price target on Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $61.00 price target (up from $58.00) on shares of Biohaven in a research note on Wednesday, December 4th. Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a research note on Tuesday, December 17th. Finally, Sanford C. Bernstein upped their price objective on shares of Biohaven from $55.00 to $66.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Biohaven has an average rating of “Buy” and a consensus price target of $63.00.

Biohaven Stock Up 4.4 %

The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of -3.99 and a beta of 1.24. The stock has a 50 day moving average of $44.71 and a 200 day moving average of $42.02.

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. SpiderRock Advisors LLC purchased a new stake in Biohaven in the 3rd quarter valued at about $620,000. Citigroup Inc. increased its holdings in Biohaven by 125.8% in the 3rd quarter. Citigroup Inc. now owns 119,905 shares of the company’s stock worth $5,992,000 after acquiring an additional 66,801 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Biohaven in the 3rd quarter valued at about $1,339,000. XTX Topco Ltd lifted its holdings in Biohaven by 278.5% during the third quarter. XTX Topco Ltd now owns 32,510 shares of the company’s stock valued at $1,625,000 after purchasing an additional 23,921 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in Biohaven by 234.5% during the second quarter. Principal Financial Group Inc. now owns 79,048 shares of the company’s stock worth $2,744,000 after purchasing an additional 55,415 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.