Biohaven (NYSE:BHVN) Shares Up 8% – Here’s Why

Biohaven Ltd. (NYSE:BHVN) was up 8% during trading on Friday . The stock traded as high as $13.06 and last traded at $12.8710. Approximately 2,555,338 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 3,703,014 shares. The stock had previously closed at $11.92.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BHVN. BTIG Research reaffirmed a “buy” rating and set a $16.00 target price on shares of Biohaven in a research note on Tuesday, November 18th. William Blair reaffirmed a “market perform” rating on shares of Biohaven in a research report on Friday, December 26th. Cowen reissued a “buy” rating on shares of Biohaven in a research report on Wednesday, November 5th. Robert W. Baird set a $42.00 target price on Biohaven in a research note on Wednesday, November 5th. Finally, Bank of America cut Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research note on Wednesday, November 5th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.57.

Biohaven Stock Performance

The company has a debt-to-equity ratio of 1.91, a quick ratio of 2.86 and a current ratio of 2.86. The stock has a market capitalization of $1.39 billion, a P/E ratio of -1.73 and a beta of 1.14. The business has a 50-day moving average price of $10.24 and a 200 day moving average price of $13.24.

Biohaven (NYSE:BHVN) last posted its quarterly earnings data on Monday, November 10th. The company reported ($1.64) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.91) by $0.27. As a group, sell-side analysts forecast that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Gregory Bailey purchased 400,000 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The shares were bought at an average price of $7.50 per share, for a total transaction of $3,000,000.00. Following the purchase, the director directly owned 2,020,071 shares in the company, valued at approximately $15,150,532.50. This trade represents a 24.69% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vlad Coric acquired 666,666 shares of Biohaven stock in a transaction on Thursday, November 13th. The shares were purchased at an average price of $7.50 per share, with a total value of $4,999,995.00. Following the completion of the purchase, the chief executive officer owned 1,195,275 shares in the company, valued at $8,964,562.50. This represents a 126.12% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought 4,416,999 shares of company stock worth $33,144,833 in the last 90 days. 16.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Biohaven

A number of hedge funds have recently added to or reduced their stakes in the company. Qube Research & Technologies Ltd boosted its stake in Biohaven by 834.4% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,265,597 shares of the company’s stock valued at $18,997,000 after purchasing an additional 1,130,157 shares during the last quarter. Norges Bank purchased a new position in shares of Biohaven in the second quarter worth $12,735,000. Bellevue Group AG lifted its holdings in shares of Biohaven by 37.3% during the second quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock valued at $39,548,000 after purchasing an additional 762,000 shares in the last quarter. Two Sigma Investments LP boosted its position in shares of Biohaven by 986.0% during the third quarter. Two Sigma Investments LP now owns 799,600 shares of the company’s stock valued at $12,002,000 after buying an additional 725,969 shares during the last quarter. Finally, Aberdeen Group plc bought a new stake in Biohaven in the 4th quarter worth about $7,829,000. 88.78% of the stock is currently owned by hedge funds and other institutional investors.

Biohaven Company Profile

Biohaven Ltd. (NYSE BHVN) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing therapies for neurological and neurovascular diseases. Founded in 2013 as a spin-out from Yale University, Biohaven focuses on addressing high-unmet medical needs through innovative small-molecule and peptide-based platforms. The company is headquartered in New Haven, Connecticut, and maintains research activities across the United States, with collaborative ties in Europe and Asia via strategic partnerships.

The company’s most advanced program centers on calcitonin gene-related peptide (CGRP) receptor antagonists for the acute and preventive treatment of migraine.