Biohaven (NYSE:BHVN) Shares Up 8.5% – Still a Buy?

Biohaven Ltd. (NYSE:BHVN) was up 8.5% during mid-day trading on Wednesday . The stock traded as high as $47.40 and last traded at $47.40. Approximately 197,126 shares traded hands during trading, a decline of 82% from the average daily volume of 1,120,618 shares. The stock had previously closed at $43.68.

Analyst Upgrades and Downgrades

Several brokerages have commented on BHVN. UBS Group lowered their price objective on shares of Biohaven from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Bank of America upped their price target on Biohaven from $52.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Piper Sandler raised their price objective on Biohaven from $66.00 to $76.00 and gave the company an “overweight” rating in a research report on Monday, September 23rd. Jefferies Financial Group assumed coverage on shares of Biohaven in a research report on Monday, September 16th. They issued a “buy” rating and a $57.00 target price on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $61.00 price objective (up previously from $58.00) on shares of Biohaven in a research note on Wednesday. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $63.00.

Biohaven Price Performance

The stock has a market cap of $4.66 billion, a PE ratio of -4.98 and a beta of 1.24. The company has a 50 day moving average price of $49.71 and a two-hundred day moving average price of $41.52.

Biohaven (NYSE:BHVN) last posted its earnings results on Tuesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.67) by ($0.03). As a group, equities analysts predict that Biohaven Ltd. will post -8.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Biohaven news, Director John W. Childs bought 21,052 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was bought at an average cost of $47.50 per share, for a total transaction of $999,970.00. Following the completion of the transaction, the director now owns 21,052 shares of the company’s stock, valued at $999,970. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Gregory Bailey purchased 5,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was acquired at an average price of $44.19 per share, for a total transaction of $220,950.00. Following the completion of the transaction, the director now directly owns 1,620,071 shares of the company’s stock, valued at approximately $71,590,937.49. This trade represents a 0.31 % increase in their position. The disclosure for this purchase can be found here. 16.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Biohaven

Hedge funds have recently modified their holdings of the business. nVerses Capital LLC purchased a new position in shares of Biohaven during the 3rd quarter valued at about $50,000. Redwood Wealth Management Group LLC purchased a new stake in Biohaven during the 2nd quarter valued at approximately $61,000. Values First Advisors Inc. bought a new stake in shares of Biohaven during the third quarter valued at approximately $78,000. US Bancorp DE lifted its holdings in shares of Biohaven by 57.1% in the third quarter. US Bancorp DE now owns 2,173 shares of the company’s stock worth $109,000 after buying an additional 790 shares in the last quarter. Finally, KBC Group NV boosted its position in shares of Biohaven by 24.5% during the third quarter. KBC Group NV now owns 2,250 shares of the company’s stock worth $112,000 after acquiring an additional 443 shares during the last quarter. 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.