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

Biohaven Ltd. (NYSE:BHVN) 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.

Specifically, CEO Vlad Coric bought 121,951 shares of the firm’s stock in a transaction on Monday, April 22nd. The shares were purchased at an average price of $41.00 per share, with a total value of $4,999,991.00. Following the completion of the purchase, the chief executive officer now owns 1,788,417 shares in the company, valued at approximately $73,325,097. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Vlad Coric acquired 121,951 shares of the firm’s stock in a transaction dated Monday, April 22nd. The stock was bought at an average cost of $41.00 per share, for a total transaction of $4,999,991.00. Following the completion of the transaction, the chief executive officer now directly owns 1,788,417 shares in the company, valued at approximately $73,325,097. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gregory Bailey bought 48,780 shares of the stock in a transaction on Monday, April 22nd. The stock was acquired at an average price of $41.00 per share, with a total value of $1,999,980.00. Following the completion of the acquisition, the director now 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 insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on BHVN shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a research note on Thursday, April 18th. HC Wainwright boosted their target price on Biohaven from $50.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, March 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $61.00 price target on shares of Biohaven in a research note on Tuesday, April 9th. JPMorgan Chase & Co. boosted their price objective on Biohaven from $32.00 to $56.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Finally, UBS Group upped their target price on Biohaven from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Biohaven currently has an average rating of “Buy” and a consensus target price of $52.13.

Biohaven Price Performance

The firm has a market cap of $3.24 billion, a P/E ratio of -7.00 and a beta of 1.18. The company has a fifty day moving average of $51.63 and a 200-day moving average of $41.70.

Biohaven (NYSE:BHVN) last announced its earnings results on Thursday, February 29th. The company reported ($1.81) EPS for the quarter, missing the consensus estimate of ($1.41) by ($0.40). On average, sell-side analysts expect that Biohaven Ltd. will post -5.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Biohaven

Hedge funds have recently modified their holdings of the company. Cypress Wealth Services LLC purchased a new stake in shares of Biohaven during the first quarter valued at approximately $326,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Biohaven during the 4th quarter valued at $10,828,000. Goldman Sachs Group Inc. raised its stake in shares of Biohaven by 8.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 945,715 shares of the company’s stock worth $40,477,000 after purchasing an additional 71,850 shares during the period. Perceptive Advisors LLC boosted its holdings in shares of Biohaven by 129.4% in the 4th quarter. Perceptive Advisors LLC now owns 1,725,047 shares of the company’s stock worth $73,832,000 after buying an additional 973,227 shares during the last quarter. Finally, Eventide Asset Management LLC purchased a new position in shares of Biohaven in the 4th quarter worth about $17,167,000. 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.