Biohaven (NYSE:BHVN) Shares Gap Up on Insider Buying Activity

Biohaven Ltd. (NYSE:BHVN - Get Free Report) gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $38.33, but opened at $40.54. Biohaven shares last traded at $39.49, with a volume of 325,573 shares traded.

Specifically, CEO Vlad Coric bought 121,951 shares of Biohaven stock in a transaction that occurred on Monday, April 22nd. The shares were acquired at an average cost of $41.00 per share, for a total transaction of $4,999,991.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,788,417 shares of the company's stock, valued at approximately $73,325,097. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Biohaven news, CEO Vlad Coric purchased 121,951 shares of the company's stock in a transaction on Monday, April 22nd. The shares were purchased at an average cost of $41.00 per share, with a total value of $4,999,991.00. Following the completion of the purchase, the chief executive officer now owns 1,788,417 shares in the company, valued at $73,325,097. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Gregory Bailey purchased 48,780 shares of the company's stock in a transaction on Monday, April 22nd. The stock was acquired at an average cost of $41.00 per share, for a total transaction of $1,999,980.00. Following the completion of the purchase, the director now owns 1,574,568 shares of the company's stock, valued at approximately $64,557,288. The disclosure for this purchase can be found here. Company insiders own 16.00% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. TD Cowen upped their price objective on Biohaven from $35.00 to $55.00 and gave the company an "outperform" rating in a research note on Friday, March 1st. Cantor Fitzgerald reissued an "overweight" rating on shares of Biohaven in a report on Thursday, April 18th. JPMorgan Chase & Co. raised their price objective on Biohaven from $32.00 to $56.00 and gave the company an "overweight" rating in a report on Friday, February 23rd. HC Wainwright raised their price target on Biohaven from $50.00 to $63.00 and gave the stock a "buy" rating in a research report on Monday, March 4th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $61.00 price target on shares of Biohaven in a research report on Tuesday, April 9th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $52.13.

Biohaven Price Performance

The firm has a 50-day moving average of $51.63 and a 200-day moving average of $41.70. The stock has a market cap of $3.24 billion, a PE ratio of -7.00 and a beta of 1.18.

Biohaven (NYSE:BHVN - Get Free Report) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($1.81) EPS for the quarter, missing analysts' consensus estimates of ($1.41) by ($0.40). Equities analysts forecast that Biohaven Ltd. will post -5.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Biohaven

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Teacher Retirement System of Texas lifted its stake in shares of Biohaven by 4.7% in the 3rd quarter. Teacher Retirement System of Texas now owns 16,486 shares of the company's stock valued at $429,000 after purchasing an additional 746 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Biohaven by 3.5% during the 4th quarter. Raymond James & Associates now owns 28,499 shares of the company's stock worth $1,220,000 after acquiring an additional 954 shares during the last quarter. Swiss National Bank lifted its stake in shares of Biohaven by 1.0% during the 3rd quarter. Swiss National Bank now owns 127,500 shares of the company's stock worth $3,316,000 after acquiring an additional 1,300 shares during the last quarter. Weybosset Research & Management LLC lifted its stake in shares of Biohaven by 12.4% during the 4th quarter. Weybosset Research & Management LLC now owns 13,640 shares of the company's stock worth $584,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Biohaven by 5.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,094 shares of the company's stock worth $1,716,000 after acquiring an additional 2,023 shares during the last quarter. 88.78% of the stock is owned by institutional investors.

Biohaven Company Profile

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.