Biohaven (NYSE:BHVN) Trading 7.4% Higher on Insider Buying Activity

Biohaven Ltd. (NYSE:BHVN) traded up 7.4% on Wednesday following insider buying activity. The company traded as high as $49.25 and last traded at $48.38. 327,698 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 1,173,035 shares. The stock had previously closed at $45.04.

Specifically, Director Gregory Bailey bought 5,000 shares of Biohaven stock in a transaction that occurred on Tuesday, September 24th. The stock was acquired at an average price of $44.19 per share, with a total value of $220,950.00. Following the acquisition, the director now owns 1,620,071 shares of the company’s stock, valued at approximately $71,590,937.49. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. William Blair upgraded shares of Biohaven to a “strong-buy” rating in a research report on Friday, August 30th. Robert W. Baird increased their target price on Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a research note on Monday. Bank of America boosted their price target on Biohaven from $52.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday. UBS Group decreased their price objective on Biohaven from $55.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Finally, Leerink Partners lifted their target price on Biohaven from $55.00 to $60.00 and gave the stock an “outperform” rating in a report on Monday. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $60.92.

Biohaven Stock Performance

The company has a market capitalization of $4.84 billion, a price-to-earnings ratio of -7.49 and a beta of 1.30. The firm has a fifty day moving average price of $39.23 and a 200-day moving average price of $40.78.

Biohaven (NYSE:BHVN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($3.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.72) by ($1.92). On average, sell-side analysts forecast that Biohaven Ltd. will post -8.92 EPS for the current fiscal year.

Institutional Trading of Biohaven

Several large investors have recently made changes to their positions in BHVN. Algert Global LLC raised its position in Biohaven by 5.9% during the second quarter. Algert Global LLC now owns 7,402 shares of the company’s stock valued at $257,000 after purchasing an additional 412 shares in the last quarter. Hsbc Holdings PLC raised its holdings in shares of Biohaven by 6.1% during the 2nd quarter. Hsbc Holdings PLC now owns 8,291 shares of the company’s stock worth $286,000 after buying an additional 480 shares in the last quarter. Canton Hathaway LLC raised its holdings in shares of Biohaven by 2.3% during the 2nd quarter. Canton Hathaway LLC now owns 21,850 shares of the company’s stock worth $758,000 after buying an additional 500 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Biohaven by 3.7% during the 2nd quarter. Arizona State Retirement System now owns 20,575 shares of the company’s stock worth $714,000 after buying an additional 730 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Biohaven by 4.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,431 shares of the company’s stock valued at $605,000 after buying an additional 778 shares in the last quarter. Institutional investors and hedge funds 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.