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

Biohaven Ltd. (NYSE:BHVN)’s share price gapped up prior to trading on Tuesday following insider buying activity. 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, Director Gregory Bailey bought 48,780 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was bought at an average price of $41.00 per share, for a total transaction of $1,999,980.00. Following the transaction, the director now owns 1,574,568 shares of the company’s stock, valued at approximately $64,557,288. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Biohaven news, Director Gregory Bailey bought 48,780 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was bought at an average price of $41.00 per share, for a total transaction of $1,999,980.00. Following the transaction, the director now owns 1,574,568 shares of the company’s stock, valued at approximately $64,557,288. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Vlad Coric bought 121,951 shares of the company’s stock in a transaction on Monday, April 22nd. The shares were acquired at an average price of $41.00 per share, with a total value of $4,999,991.00. Following the transaction, the chief executive officer now directly owns 1,788,417 shares in the company, valued at approximately $73,325,097. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts recently commented on BHVN shares. HC Wainwright upped their price objective on shares of Biohaven from $50.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, March 4th. JPMorgan Chase & Co. upped their price objective on shares of Biohaven from $32.00 to $56.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. TD Cowen upped their price objective on shares of Biohaven from $35.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. UBS Group upped their target price on shares of Biohaven from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a research note on Thursday, April 18th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $52.13.

Biohaven Trading Down 2.3 %

The stock’s 50 day moving average price is $51.49 and its 200 day moving average price is $41.81. The company has a market capitalization of $3.17 billion, a price-to-earnings ratio of -6.84 and a beta of 1.18.

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

Hedge Funds Weigh In On Biohaven

Large investors have recently modified their holdings of the business. Thompson Davis & CO. Inc. acquired a new position in shares of Biohaven during the 4th quarter worth about $214,000. Prevail Innovative Wealth Advisors LLC acquired a new position in shares of Biohaven during the 4th quarter worth about $230,000. Private Advisor Group LLC acquired a new stake in Biohaven in the 4th quarter valued at about $231,000. Capstone Investment Advisors LLC acquired a new stake in Biohaven in the 4th quarter valued at about $235,000. Finally, Cypress Wealth Services LLC acquired a new stake in Biohaven in the 1st quarter valued at about $326,000. 88.78% of the stock is currently owned by institutional investors and hedge funds.

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.