Biohaven (NYSE:BHVN) Stock Price Up 8.5% – Here’s What Happened

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on BHVN shares. William Blair raised shares of Biohaven to a “strong-buy” rating in a report on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Biohaven in a research report on Wednesday, October 23rd. Sanford C. Bernstein lifted their target price on shares of Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. TD Cowen upped their target price on Biohaven from $55.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $61.00 price target (up from $58.00) on shares of Biohaven in a report on Wednesday. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $63.00.

Biohaven Stock Performance

The firm has a market capitalization of $4.51 billion, a PE ratio of -4.65 and a beta of 1.24. The business’s 50 day moving average is $49.50 and its two-hundred day moving average is $41.56.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Farallon Capital Management LLC increased its position in shares of Biohaven by 181.4% in the second quarter. Farallon Capital Management LLC now owns 2,248,000 shares of the company’s stock valued at $78,028,000 after acquiring an additional 1,449,000 shares during the period. Point72 Asset Management L.P. grew its stake in shares of Biohaven by 745.9% in the third quarter. Point72 Asset Management L.P. now owns 1,500,284 shares of the company’s stock worth $74,969,000 after purchasing an additional 1,322,922 shares during the last quarter. Armistice Capital LLC raised its position in Biohaven by 74.8% during the 2nd quarter. Armistice Capital LLC now owns 1,396,968 shares of the company’s stock valued at $48,489,000 after purchasing an additional 597,705 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Biohaven by 563.4% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 508,622 shares of the company’s stock worth $25,416,000 after buying an additional 431,954 shares during the period. Finally, Janus Henderson Group PLC grew its position in shares of Biohaven by 5.6% in the 3rd quarter. Janus Henderson Group PLC now owns 6,226,393 shares of the company’s stock worth $311,142,000 after buying an additional 328,099 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.