Biohaven (NYSE:BHVN) Trading 8% Higher – Here’s Why

Biohaven Ltd. (NYSE:BHVN) rose 8% during mid-day 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 trading, a decline of 31% from the average daily volume of 3,703,014 shares. The stock had previously closed at $11.92.

Analyst Ratings Changes

Several research analysts recently commented on the stock. UBS Group downgraded shares of Biohaven from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $26.00 to $11.00 in a report on Wednesday, November 26th. Robert W. Baird set a $42.00 price target on Biohaven in a research report on Wednesday, November 5th. Bank of America lowered Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a research note on Wednesday, November 5th. Morgan Stanley decreased their target price on Biohaven from $26.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, January 6th. Finally, Royal Bank Of Canada dropped their price target on Biohaven from $19.00 to $9.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 6th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.57.

Biohaven Trading Up 10.2%

The business has a 50-day moving average price of $10.14 and a 200-day moving average price of $13.25. The company has a quick ratio of 2.86, a current ratio of 2.86 and a debt-to-equity ratio of 1.91. The firm has a market capitalization of $1.39 billion, a P/E ratio of -1.73 and a beta of 1.14.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, November 10th. The company reported ($1.64) EPS for the quarter, topping the consensus estimate of ($1.91) by $0.27. Analysts anticipate that Biohaven Ltd. will post -8.9 earnings per share for the current year.

Insider Buying and Selling

In other news, Director John W. Childs purchased 3,333,333 shares of the business’s stock in a transaction that occurred on Thursday, November 13th. The stock was purchased at an average cost of $7.50 per share, with a total value of $24,999,997.50. Following the acquisition, the director directly owned 5,653,904 shares of the company’s stock, valued at approximately $42,404,280. This trade represents a 143.64% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Gregory Bailey purchased 400,000 shares of Biohaven stock in a transaction on Thursday, November 13th. The stock was purchased at an average price of $7.50 per share, for a total transaction of $3,000,000.00. Following the completion of the transaction, the director owned 2,020,071 shares of the company’s stock, valued at approximately $15,150,532.50. This represents a 24.69% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 4,416,999 shares of company stock valued at $33,144,833 in the last ninety days. Insiders own 16.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Emerald Mutual Fund Advisers Trust grew its position in Biohaven by 0.4% during the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 173,656 shares of the company’s stock worth $2,607,000 after acquiring an additional 657 shares during the last quarter. Elkhorn Partners Limited Partnership boosted its stake in Biohaven by 26.1% in the second quarter. Elkhorn Partners Limited Partnership now owns 5,800 shares of the company’s stock worth $82,000 after purchasing an additional 1,200 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Biohaven by 113.7% in the third quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company’s stock worth $36,000 after purchasing an additional 1,268 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in shares of Biohaven by 5.8% during the second quarter. Advisors Asset Management Inc. now owns 25,288 shares of the company’s stock worth $357,000 after purchasing an additional 1,383 shares during the last quarter. Finally, Rafferty Asset Management LLC increased its stake in shares of Biohaven by 1.3% in the second quarter. Rafferty Asset Management LLC now owns 121,189 shares of the company’s stock valued at $1,710,000 after buying an additional 1,503 shares in the last quarter. Institutional investors own 88.78% of the company’s stock.

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.