Biohaven (NYSE:BHVN) Shares Up 11.9% – Here’s Why

Shares of Biohaven Ltd. (NYSE:BHVN) rose 11.9% on Wednesday . The company traded as high as $10.63 and last traded at $10.7670. Approximately 616,053 shares traded hands during trading, a decline of 75% from the average daily volume of 2,448,340 shares. The stock had previously closed at $9.62.

Wall Street Analysts Forecast Growth

BHVN has been the topic of a number of research reports. William Blair reaffirmed a “market perform” rating on shares of Biohaven in a research report on Friday, December 26th. Sanford C. Bernstein restated a “market perform” rating and set a $9.00 price objective (down previously from $34.00) on shares of Biohaven in a report on Thursday, November 6th. BTIG Research reiterated a “buy” rating and set a $16.00 price objective on shares of Biohaven in a report on Tuesday, November 18th. Raymond James Financial reissued a “strong-buy” rating on shares of Biohaven in a research report on Wednesday, November 5th. Finally, Citigroup reaffirmed a “buy” rating on shares of Biohaven in a research report on Friday, December 26th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $25.57.

Biohaven Price Performance

The stock has a market cap of $1.19 billion, a PE ratio of -1.50 and a beta of 1.14. The company has a debt-to-equity ratio of 1.91, a quick ratio of 2.86 and a current ratio of 2.86. The business has a 50 day moving average price of $10.49 and a two-hundred day moving average price of $13.38.

Biohaven (NYSE:BHVN) last issued its quarterly earnings results on Monday, November 10th. The company reported ($1.64) EPS for the quarter, topping analysts’ consensus estimates of ($1.91) by $0.27. Research analysts expect that Biohaven Ltd. will post -8.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO George C. Clark purchased 17,000 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The shares were bought at an average cost of $8.52 per share, with a total value of $144,840.00. Following the acquisition, the chief accounting officer owned 20,000 shares of the company’s stock, valued at $170,400. This represents a 566.67% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Gregory Bailey purchased 400,000 shares of Biohaven stock in a transaction that occurred on Thursday, November 13th. The shares were bought at an average price of $7.50 per share, with a total value of $3,000,000.00. Following the transaction, the director owned 2,020,071 shares of the company’s stock, valued at $15,150,532.50. This trade represents a 24.69% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have purchased 4,416,999 shares of company stock valued at $33,144,833. 14.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Biohaven

A number of hedge funds have recently modified their holdings of BHVN. Vident Advisory LLC bought a new position in Biohaven during the first quarter valued at $271,000. Advisors Asset Management Inc. lifted its position in shares of Biohaven by 5.7% during the 1st quarter. Advisors Asset Management Inc. now owns 23,905 shares of the company’s stock valued at $575,000 after buying an additional 1,290 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Biohaven by 49.4% during the 1st quarter. AQR Capital Management LLC now owns 114,849 shares of the company’s stock valued at $2,761,000 after buying an additional 37,981 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Biohaven by 32.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,833 shares of the company’s stock worth $1,747,000 after acquiring an additional 17,562 shares during the period. Finally, Millennium Management LLC increased its holdings in Biohaven by 1,172.9% in the 1st quarter. Millennium Management LLC now owns 901,258 shares of the company’s stock worth $21,666,000 after acquiring an additional 830,457 shares during the last quarter. Institutional investors own 88.78% of the company’s stock.

Biohaven Company Profile

Biohaven Ltd. (NYSE BHVN) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing therapies for neurological and neurovascular diseases. Founded in 2013 as a spin-out from Yale University, Biohaven focuses on addressing high-unmet medical needs through innovative small-molecule and peptide-based platforms. The company is headquartered in New Haven, Connecticut, and maintains research activities across the United States, with collaborative ties in Europe and Asia via strategic partnerships.

The company’s most advanced program centers on calcitonin gene-related peptide (CGRP) receptor antagonists for the acute and preventive treatment of migraine.