Fred Alger Management LLC Has $3.91 Million Stock Position in Biohaven Ltd. (NYSE:BHVN)

Fred Alger Management LLC boosted its stake in Biohaven Ltd. (NYSE:BHVN) by 79.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 104,567 shares of the company’s stock after acquiring an additional 46,425 shares during the period. Fred Alger Management LLC owned 0.10% of Biohaven worth $3,906,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Spire Wealth Management acquired a new stake in shares of Biohaven during the fourth quarter worth $56,000. Amalgamated Bank raised its position in shares of Biohaven by 21.9% in the 4th quarter. Amalgamated Bank now owns 2,929 shares of the company’s stock worth $109,000 after acquiring an additional 527 shares in the last quarter. US Bancorp DE lifted its stake in shares of Biohaven by 36.7% in the 4th quarter. US Bancorp DE now owns 2,971 shares of the company’s stock valued at $111,000 after purchasing an additional 798 shares during the period. Quarry LP bought a new stake in shares of Biohaven during the 4th quarter valued at about $112,000. Finally, Elkhorn Partners Limited Partnership increased its holdings in Biohaven by 50.0% in the fourth quarter. Elkhorn Partners Limited Partnership now owns 3,300 shares of the company’s stock worth $123,000 after purchasing an additional 1,100 shares in the last quarter. Institutional investors and hedge funds own 88.78% of the company’s stock.

Insider Buying and Selling

In other news, Director John W. Childs bought 32,700 shares of the stock in a transaction on Tuesday, March 4th. The shares were purchased at an average cost of $30.47 per share, for a total transaction of $996,369.00. Following the completion of the purchase, the director now directly owns 2,320,571 shares in the company, valued at $70,707,798.37. This represents a 1.43 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 16.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

BHVN has been the subject of several research analyst reports. William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research note on Thursday, April 24th. JPMorgan Chase & Co. cut their price objective on shares of Biohaven from $72.00 to $68.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 5th. Royal Bank of Canada restated an “outperform” rating and issued a $61.00 target price on shares of Biohaven in a research note on Tuesday, March 4th. Robert W. Baird dropped their price target on Biohaven from $60.00 to $57.00 and set an “outperform” rating on the stock in a research note on Monday, April 28th. Finally, HC Wainwright restated a “buy” rating and set a $54.00 price objective on shares of Biohaven in a report on Tuesday, March 4th. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Biohaven presently has an average rating of “Buy” and an average price target of $62.54.

Biohaven Stock Performance

Shares of BHVN stock opened at $20.20 on Friday. Biohaven Ltd. has a 52-week low of $15.79 and a 52-week high of $55.70. The company has a 50-day simple moving average of $23.44 and a two-hundred day simple moving average of $35.48. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of -2.16 and a beta of 1.18.

Biohaven (NYSE:BHVN) last issued its quarterly earnings results on Monday, March 3rd. The company reported ($1.85) EPS for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.29). On average, sell-side analysts forecast that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Biohaven 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.