Stock Traders Buy Large Volume of Biohaven Call Options (NYSE:BHVN)

Biohaven Ltd. (NYSE:BHVN) was the target of some unusual options trading activity on Tuesday. Traders bought 7,638 call options on the company. This is an increase of approximately 588% compared to the average volume of 1,110 call options.

Biohaven Stock Up 2.7 %

Shares of NYSE BHVN opened at $21.10 on Wednesday. Biohaven has a 52 week low of $15.79 and a 52 week high of $55.70. The business’s 50 day moving average price is $27.59 and its 200 day moving average price is $38.15. The firm has a market cap of $2.15 billion, a P/E ratio of -2.26 and a beta of 1.33.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, March 3rd. The company reported ($1.85) EPS for the quarter, missing analysts’ consensus estimates of ($1.56) by ($0.29). As a group, research analysts expect that Biohaven will post -8.9 earnings per share for the current year.

Insider Buying and Selling at Biohaven

In related news, Director John W. Childs bought 32,700 shares of the company’s stock in a transaction on Tuesday, March 4th. The shares were acquired at an average price of $30.47 per share, with a total value of $996,369.00. Following the transaction, the director now owns 2,320,571 shares of the company’s stock, valued at $70,707,798.37. The trade was a 1.43 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 16.00% of the company’s stock.

Institutional Investors Weigh In On Biohaven

Several hedge funds have recently modified their holdings of BHVN. Vanguard Group Inc. raised its holdings in Biohaven by 8.1% in the 4th quarter. Vanguard Group Inc. now owns 8,414,120 shares of the company’s stock worth $314,267,000 after purchasing an additional 628,211 shares during the period. Janus Henderson Group PLC raised its stake in shares of Biohaven by 12.1% during the 4th quarter. Janus Henderson Group PLC now owns 6,982,425 shares of the company’s stock worth $260,735,000 after buying an additional 756,032 shares during the period. Stifel Financial Corp lifted its position in shares of Biohaven by 0.8% during the 4th quarter. Stifel Financial Corp now owns 6,559,313 shares of the company’s stock valued at $244,990,000 after buying an additional 50,052 shares in the last quarter. Suvretta Capital Management LLC grew its stake in Biohaven by 8.1% in the 4th quarter. Suvretta Capital Management LLC now owns 5,620,271 shares of the company’s stock valued at $209,917,000 after acquiring an additional 421,052 shares during the period. Finally, Farallon Capital Management LLC increased its holdings in Biohaven by 21.6% in the 4th quarter. Farallon Capital Management LLC now owns 4,428,167 shares of the company’s stock worth $165,392,000 after acquiring an additional 785,578 shares in the last quarter. 88.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Morgan Stanley cut their target price on Biohaven from $69.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. HC Wainwright reiterated a “buy” rating and set a $54.00 price objective on shares of Biohaven in a research note on Tuesday, March 4th. JPMorgan Chase & Co. lowered their target price on shares of Biohaven from $72.00 to $68.00 and set an “overweight” rating for the company in a research note on Wednesday, March 5th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $61.00 price target on shares of Biohaven in a research report on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft set a $60.00 price objective on Biohaven and gave the company a “buy” rating in a report on Thursday, March 20th. Fourteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Biohaven presently has a consensus rating of “Buy” and an average target price of $62.77.

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.