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

Biohaven Ltd. (NYSE:BHVN)’s share price gapped up before the market opened on Monday following insider buying activity. The stock had previously closed at $8.30, but opened at $8.64. Biohaven shares last traded at $8.38, with a volume of 1,263,415 shares trading hands.

Specifically, Director Gregory Bailey purchased 400,000 shares of the company’s stock in a transaction on Thursday, November 13th. The stock was purchased at an average price of $7.50 per share, with a total value of $3,000,000.00. Following the completion of the purchase, the director directly owned 2,020,071 shares in the company, valued at approximately $15,150,532.50. This trade represents a 24.69% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Vlad Coric acquired 666,666 shares of Biohaven stock in a transaction dated Thursday, November 13th. The shares were purchased at an average price of $7.50 per share, for a total transaction of $4,999,995.00. Following the completion of the transaction, the chief executive officer directly owned 1,195,275 shares in the company, valued at approximately $8,964,562.50. The trade was a 126.12% increase in their position. The SEC filing for this purchase provides additional information. In other news, Director John W. Childs bought 3,333,333 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The stock was bought at an average price of $7.50 per share, for a total transaction of $24,999,997.50. Following the transaction, the director directly owned 5,653,904 shares of the company’s stock, valued at $42,404,280. This represents a 143.64% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Leerink Partners reduced their price target on shares of Biohaven from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 12th. Royal Bank Of Canada decreased their target price on shares of Biohaven from $19.00 to $9.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 6th. BTIG Research dropped their price target on Biohaven from $33.00 to $16.00 and set a “buy” rating for the company in a research note on Thursday, November 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Biohaven in a research report on Wednesday, October 8th. Finally, Bank of America cut shares of Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 target price for the company. in a research report on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.21.

Biohaven Stock Performance

The business has a fifty day moving average price of $14.36 and a 200-day moving average price of $15.13. The stock has a market capitalization of $898.22 million, a P/E ratio of -1.12 and a beta of 1.10. The company has a quick ratio of 2.86, a current ratio of 2.86 and a debt-to-equity ratio of 1.91.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BHVN. Focus Partners Wealth purchased a new stake in shares of Biohaven in the 3rd quarter worth $87,000. Bank of America Corp DE grew its holdings in Biohaven by 87.5% during the third quarter. Bank of America Corp DE now owns 788,331 shares of the company’s stock valued at $11,833,000 after purchasing an additional 367,830 shares during the period. Algert Global LLC increased its position in Biohaven by 18.0% in the third quarter. Algert Global LLC now owns 136,290 shares of the company’s stock worth $2,046,000 after buying an additional 20,750 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new position in shares of Biohaven in the third quarter worth about $614,000. Finally, Creative Planning lifted its position in shares of Biohaven by 46.8% during the 3rd quarter. Creative Planning now owns 16,112 shares of the company’s stock valued at $242,000 after buying an additional 5,140 shares in the last quarter. Hedge funds and other institutional investors own 88.78% of the company’s stock.

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.