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

Biohaven Ltd. (NYSE:BHVN) shares gapped up before the market opened on Tuesday after an insider bought additional shares in the company. 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 trading hands.

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on BHVN shares. TD Cowen raised their price target on shares of Biohaven from $35.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. UBS Group assumed coverage on shares of Biohaven in a report on Tuesday, February 6th. They issued a “buy” rating and a $59.00 price objective for the company. HC Wainwright raised their target price on shares of Biohaven from $50.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, March 4th. Cantor Fitzgerald restated an “overweight” rating on shares of Biohaven in a report on Thursday, April 18th. Finally, JPMorgan Chase & Co. raised their target price on shares of Biohaven from $32.00 to $56.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $52.00.

Biohaven Stock Performance

The business’s 50 day moving average is $51.63 and its 200 day moving average is $41.70. The stock has a market cap of $3.34 billion, a price-to-earnings ratio of -7.27 and a beta of 1.18.

Biohaven (NYSE:BHVN) last released its earnings results on Thursday, February 29th. The company reported ($1.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.41) by ($0.40). Research analysts expect that Biohaven Ltd. will post -5.85 earnings per share for the current year.

Institutional Investors Weigh In On Biohaven

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. raised its holdings in shares of Biohaven by 142.2% during the 4th quarter. Point72 Asset Management L.P. now owns 2,483,567 shares of the company’s stock valued at $106,297,000 after purchasing an additional 1,458,072 shares in the last quarter. Bellevue Group AG bought a new position in shares of Biohaven during the 4th quarter valued at $46,010,000. Perceptive Advisors LLC raised its holdings in shares of Biohaven by 129.4% during the 4th quarter. Perceptive Advisors LLC now owns 1,725,047 shares of the company’s stock valued at $73,832,000 after purchasing an additional 973,227 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Biohaven by 33.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 3,134,323 shares of the company’s stock valued at $134,150,000 after purchasing an additional 791,181 shares in the last quarter. Finally, Redmile Group LLC bought a new position in shares of Biohaven during the 3rd quarter valued at $13,497,000. Hedge funds and other institutional investors own 88.78% of the company’s stock.

About Biohaven

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.