Biohaven (NYSE:BHVN) Shares Gap Up – What’s Next?

Biohaven Ltd. (NYSE:BHVN) gapped up before the market opened on Tuesday . The stock had previously closed at $38.25, but opened at $40.80. Biohaven shares last traded at $39.50, with a volume of 364,829 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft initiated coverage on Biohaven in a research report on Tuesday. They issued a “buy” rating and a $65.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 price target (up from $58.00) on shares of Biohaven in a report on Wednesday, December 4th. TD Cowen boosted their price target on Biohaven from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and issued a $59.00 price objective on shares of Biohaven in a research report on Tuesday, December 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Biohaven in a research report on Tuesday, December 17th. Fourteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $63.15.

Biohaven Trading Down 1.0 %

The company’s fifty day simple moving average is $38.67 and its two-hundred day simple moving average is $42.63.

Biohaven (NYSE:BHVN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing analysts’ consensus estimates of ($1.67) by ($0.03). Sell-side analysts predict that Biohaven Ltd. will post -8.9 earnings per share for the current year.

Insider Activity

In other news, Director John W. Childs purchased 29,000 shares of Biohaven stock in a transaction dated Monday, December 30th. The stock was bought at an average price of $35.94 per share, with a total value of $1,042,260.00. Following the completion of the acquisition, the director now owns 2,368,741 shares in the company, valued at $85,132,551.54. The trade was a 1.24 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of BHVN. nVerses Capital LLC bought a new stake in shares of Biohaven during the 3rd quarter worth about $50,000. Spire Wealth Management acquired a new position in shares of Biohaven during the fourth quarter valued at approximately $56,000. Values First Advisors Inc. bought a new stake in Biohaven during the third quarter worth approximately $78,000. US Bancorp DE lifted its position in 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 purchasing an additional 790 shares during the period. Finally, Amalgamated Bank boosted its stake in Biohaven by 21.9% during the 4th quarter. Amalgamated Bank now owns 2,929 shares of the company’s stock valued at $109,000 after purchasing an additional 527 shares in 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.