“We recently hosted a series of mtgs w/ Biohaven and investors. Mgmt reiterated guidance for top-line results from both Phase 3 trials of rimegepant in Acute Migraine in 1Q18. We remain positively inclined and believe recent Allergan ubrogepant Phase 3 data set a relatively low bar for rimegepant. The open- label long-term rimegepant Phase 3 trial is half enrolled (1000/ 2000 patients) and mgmt expects to announce results YE18 (unch). Biohaven also disclosed yesterday an exclusive agreement w/ Catalent for development and commercialization of an orally disintegrating tablet (ODT) formulation of a CGRP receptor antagonist. Biohaven plans to initiate a Phase 3 trial of ODT rimegepant in the next few wks to assess potential for a more rapid impact on migraine symptoms. Data will be included in NDA and company plans to launch rimegepant w/ both ODT and tablet formulations. Reiterate BUY.”,” the firm’s analyst wrote.
Several other equities analysts also recently weighed in on the company. Canaccord Genuity restated a buy rating and issued a $39.00 target price (up previously from $30.00) on shares of Biohaven Pharmaceutical in a research report on Thursday. Zacks Investment Research upgraded Biohaven Pharmaceutical from a sell rating to a hold rating in a research report on Wednesday, February 14th. Piper Jaffray Companies set a $48.00 price objective on Biohaven Pharmaceutical and gave the stock a buy rating in a research report on Monday, December 11th. Finally, BidaskClub downgraded Biohaven Pharmaceutical from a sell rating to a strong sell rating in a research report on Tuesday, November 14th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The stock has an average rating of Buy and an average price target of $37.43.
In related news, Director Gregory Bailey sold 50,000 shares of Biohaven Pharmaceutical stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $33.71, for a total transaction of $1,685,500.00. Following the transaction, the director now owns 2,516,701 shares in the company, valued at $84,837,990.71. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO James Engelhart sold 10,000 shares of Biohaven Pharmaceutical stock in a transaction on Monday, January 22nd. The shares were sold at an average price of $32.50, for a total value of $325,000.00. Following the completion of the sale, the chief financial officer now owns 13,576 shares in the company, valued at approximately $441,220. The disclosure for this sale can be found here. In the last quarter, insiders have sold 837,946 shares of company stock worth $23,685,210.
A number of large investors have recently bought and sold shares of the business. VHCP Management II LLC raised its position in Biohaven Pharmaceutical by 3.3% in the fourth quarter. VHCP Management II LLC now owns 1,718,605 shares of the company’s stock valued at $46,368,000 after purchasing an additional 54,305 shares during the period. Alliancebernstein L.P. raised its position in Biohaven Pharmaceutical by 84.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,597,756 shares of the company’s stock valued at $43,107,000 after purchasing an additional 733,526 shares during the period. BlackRock Inc. raised its position in Biohaven Pharmaceutical by 1.1% in the fourth quarter. BlackRock Inc. now owns 1,154,207 shares of the company’s stock valued at $31,139,000 after purchasing an additional 12,505 shares during the period. Eagle Asset Management Inc. raised its position in Biohaven Pharmaceutical by 20.4% in the fourth quarter. Eagle Asset Management Inc. now owns 1,104,999 shares of the company’s stock valued at $30,207,000 after purchasing an additional 187,243 shares during the period. Finally, Carillon Tower Advisers Inc. purchased a new stake in Biohaven Pharmaceutical in the fourth quarter valued at $18,627,000. Institutional investors own 52.82% of the company’s stock.
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Biohaven Pharmaceutical Company Profile
Biohaven Pharmaceutical Holding Company Ltd. is a United States-based biopharmaceutical company. The Company is engaged in the identification and development of clinical-stage compounds targeting orphan neurologic indications and other neurological pathways. It has a portfolio of multiple late-stage drug candidates.
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