Investors Purchase Large Volume of Call Options on Biohaven (NYSE:BHVN)

Biohaven Ltd. (NYSE:BHVN) was the target of unusually large options trading activity on Wednesday. Stock investors bought 15,269 call options on the company. This represents an increase of 956% compared to the typical daily volume of 1,446 call options.

Analyst Ratings Changes

A number of brokerages have commented on BHVN. Morgan Stanley dropped their target price on shares of Biohaven from $21.00 to $18.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. TD Cowen upped their target price on shares of Biohaven from $15.00 to $30.00 and gave the stock a “buy” rating in a research note on Wednesday, March 11th. Weiss Ratings restated a “sell (e+)” rating on shares of Biohaven in a research note on Tuesday, June 2nd. Royal Bank Of Canada lowered their price target on shares of Biohaven from $23.00 to $22.00 and set an “outperform” rating for the company in a research report on Tuesday, May 5th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Biohaven in a research report on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Biohaven has a consensus rating of “Moderate Buy” and an average price target of $22.27.

Biohaven Stock Up 12.8%

Shares of BHVN traded up $1.55 during mid-day trading on Wednesday, hitting $13.64. The company’s stock had a trading volume of 4,316,115 shares, compared to its average volume of 2,517,689. The company’s 50-day moving average is $10.09 and its 200-day moving average is $10.55. Biohaven has a 52-week low of $7.48 and a 52-week high of $18.57. The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of -2.40 and a beta of 1.35. The company has a current ratio of 7.41, a quick ratio of 7.41 and a debt-to-equity ratio of 1.87.

Biohaven (NYSE:BHVN) last announced its quarterly earnings results on Monday, May 4th. The company reported ($0.88) earnings per share for the quarter, missing the consensus estimate of ($0.86) by ($0.02). On average, equities research analysts forecast that Biohaven will post -3.07 EPS for the current fiscal year.

Institutional Investors Weigh In On Biohaven

Hedge funds have recently modified their holdings of the business. Aberdeen Group plc purchased a new stake in Biohaven during the fourth quarter valued at approximately $7,829,000. Capital Research Global Investors lifted its position in Biohaven by 108.9% during the third quarter. Capital Research Global Investors now owns 1,011,530 shares of the company’s stock valued at $15,183,000 after acquiring an additional 527,337 shares during the last quarter. Integral Health Asset Management LLC lifted its position in Biohaven by 116.7% during the third quarter. Integral Health Asset Management LLC now owns 650,000 shares of the company’s stock valued at $9,756,000 after acquiring an additional 350,000 shares during the last quarter. SG Americas Securities LLC lifted its position in Biohaven by 291.8% during the fourth quarter. SG Americas Securities LLC now owns 105,518 shares of the company’s stock valued at $1,191,000 after acquiring an additional 78,585 shares during the last quarter. Finally, ARS Investment Partners LLC lifted its position in Biohaven by 12.4% during the fourth quarter. ARS Investment Partners LLC now owns 1,239,600 shares of the company’s stock valued at $13,995,000 after acquiring an additional 137,051 shares during the last quarter. Hedge funds and other institutional investors own 88.78% of the company’s stock.

About Biohaven

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.