Biohaven (NYSE:BHVN) Shares Up 9.4% Following Insider Buying Activity

Biohaven Ltd. (NYSE:BHVN - Get Free Report)'s stock price rose 9.4% during trading on Tuesday after an insider bought additional shares in the company. The stock traded as high as $37.25 and last traded at $36.96. Approximately 542,010 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 1,244,946 shares. The stock had previously closed at $33.78.

Specifically, CEO Vlad Coric bought 121,951 shares of the business's stock in a transaction dated Monday, April 22nd. The shares were acquired at an average cost of $41.00 per share, with a total value of $4,999,991.00. Following 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 filing with the SEC, which is accessible through this hyperlink. In related news, CEO Vlad Coric acquired 121,951 shares of the firm's stock in a transaction on Monday, April 22nd. The stock was bought at an average cost of $41.00 per share, with a total value of $4,999,991.00. Following the transaction, the chief executive officer now owns 1,788,417 shares of the company's stock, valued at $73,325,097. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory Bailey bought 25,503 shares of the company's stock in a transaction dated Wednesday, April 24th. The stock was bought at an average cost of $39.18 per share, for a total transaction of $999,207.54. Following the acquisition, the director now owns 1,600,071 shares of the company's stock, valued at approximately $62,690,781.78. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 224,734 shares of company stock valued at $9,001,524. 16.00% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on BHVN shares. Royal Bank of Canada reissued an "outperform" rating and set a $61.00 price target on shares of Biohaven in a report on Tuesday, April 9th. UBS Group raised their price target on Biohaven from $59.00 to $60.00 and gave the company a "buy" rating in a report on Tuesday, April 23rd. TD Cowen upped their price objective on Biohaven from $35.00 to $55.00 and gave the stock an "outperform" rating in a report on Friday, March 1st. HC Wainwright cut their price objective on Biohaven from $63.00 to $59.00 and set a "buy" rating for the company in a research report on Monday. Finally, JPMorgan Chase & Co. boosted their target price on shares of Biohaven from $32.00 to $56.00 and gave the stock an "overweight" rating in a research report on Friday, February 23rd. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $51.63.

Biohaven Price Performance

The firm has a market cap of $3.29 billion, a PE ratio of -5.45 and a beta of 1.26. The business has a 50-day moving average price of $48.91 and a two-hundred day moving average price of $43.01.

Biohaven (NYSE:BHVN - Get Free Report) last posted its earnings results on Thursday, February 29th. The company reported ($1.81) earnings per share for the quarter, missing the consensus estimate of ($1.41) by ($0.40). Equities analysts expect that Biohaven Ltd. will post -5.79 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Simon Quick Advisors LLC lifted its holdings in Biohaven by 36.3% in the 4th quarter. Simon Quick Advisors LLC now owns 74,968 shares of the company's stock valued at $3,209,000 after purchasing an additional 19,968 shares in the last quarter. New York State Common Retirement Fund grew its stake in Biohaven by 27.9% in the 4th quarter. New York State Common Retirement Fund now owns 41,276 shares of the company's stock worth $1,767,000 after acquiring an additional 9,000 shares during the period. Citigroup Inc. grew its stake in Biohaven by 97.9% in the 3rd quarter. Citigroup Inc. now owns 146,907 shares of the company's stock worth $3,821,000 after acquiring an additional 72,673 shares during the period. Legato Capital Management LLC purchased a new position in shares of Biohaven during the 4th quarter worth $469,000. Finally, Monashee Investment Management LLC lifted its stake in shares of Biohaven by 80.0% during the 3rd quarter. Monashee Investment Management LLC now owns 90,000 shares of the company's stock worth $2,341,000 after purchasing an additional 40,000 shares during the period. 88.78% of the stock is owned by hedge funds and other 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.