Biohaven (NYSE:BHVN) Trading Up 4.4% – Here’s What Happened

Biohaven Ltd. (NYSE:BHVN)’s stock price shot up 4.4% on Wednesday . The company traded as high as $23.48 and last traded at $23.60. 73,774 shares were traded during trading, a decline of 93% from the average session volume of 1,081,917 shares. The stock had previously closed at $22.60.

Wall Street Analyst Weigh In

BHVN has been the subject of several recent research reports. HC Wainwright reiterated a “buy” rating and issued a $54.00 target price on shares of Biohaven in a research note on Tuesday, March 4th. Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a report on Tuesday, December 17th. Morgan Stanley cut their price target on Biohaven from $69.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Deutsche Bank Aktiengesellschaft set a $60.00 price objective on Biohaven and gave the stock a “buy” rating in a report on Thursday, March 20th. Finally, JPMorgan Chase & Co. reduced their target price on Biohaven from $72.00 to $68.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $62.77.

Biohaven Trading Up 3.3 %

The stock has a market cap of $2.38 billion, a P/E ratio of -2.50 and a beta of 1.27. The stock’s fifty day moving average price is $34.55 and its 200 day moving average price is $41.21.

Biohaven (NYSE:BHVN) last released 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). On average, analysts anticipate that Biohaven Ltd. will post -8.9 earnings per share for the current year.

Insider Activity

In other Biohaven news, Director John W. Childs acquired 32,700 shares of the business’s stock in a transaction dated Tuesday, March 4th. The stock was bought at an average price of $30.47 per share, with a total value of $996,369.00. Following the purchase, the director now owns 2,320,571 shares of the company’s stock, valued at approximately $70,707,798.37. This trade represents a 1.43 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 16.00% of the company’s stock.

Institutional Trading of Biohaven

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

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.