Biohaven Sees Unusually Large Options Volume (NYSE:BHVN)

Key Points

• Biohaven saw unusually heavy options activity, with 6,072 call options traded—about 155% above its average daily volume.
• The stock rose $3.19 to $14.94 during Thursday trading on volume far exceeding its average, while its market capitalization reached approximately $2.26 billion.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $18.69, although Biohaven recently missed quarterly earnings expectations and reported a loss of $0.91 per share.

Biohaven Ltd. (NYSE:BHVN - Get Free Report) was the target of some unusual options trading on Thursday. Stock traders acquired 6,072 call options on the company. This represents an increase of approximately 155% compared to the average daily volume of 2,377 call options.

Biohaven Stock Performance

BHVN stock traded up $3.19 during midday trading on Thursday, hitting $14.94. 21,821,308 shares of the stock traded hands, compared to its average volume of 2,733,416. The firm has a market cap of $2.26 billion, a P/E ratio of -3.21 and a beta of 1.35. The company has a debt-to-equity ratio of 21.23, a current ratio of 4.73 and a quick ratio of 4.73. The stock's fifty day simple moving average is $13.53 and its 200-day simple moving average is $12.65. Biohaven has a 1-year low of $7.48 and a 1-year high of $18.57.

Biohaven (NYSE:BHVN - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The company reported ($0.91) earnings per share for the quarter, missing analysts' consensus estimates of ($0.76) by ($0.15). On average, analysts expect that Biohaven will post -3.33 earnings per share for the current year.

Analyst Ratings Changes

BHVN has been the subject of several analyst reports. Royal Bank Of Canada cut Biohaven from an "outperform" rating to a "sector perform" rating and decreased their price objective for the company from $23.00 to $19.00 in a report on Tuesday, September 8th. Morgan Stanley raised their target price on Biohaven from $18.00 to $19.00 and gave the stock an "overweight" rating in a report on Wednesday, August 12th. Canaccord Genuity Group set a $21.00 price target on Biohaven in a research report on Friday, August 28th. Raymond James Financial reiterated a "strong-buy" rating on shares of Biohaven in a research report on Thursday, October 8th. Finally, Wall Street Zen raised Biohaven from a "strong sell" rating to a "sell" rating in a report on Saturday, June 27th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $18.69.

Institutional Trading of Biohaven

Institutional investors and hedge funds have recently modified their holdings of the stock. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors increased its stake in Biohaven by 12.9% during the 3rd quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 17,500 shares of the company's stock worth $234,000 after buying an additional 2,000 shares in the last quarter. Opaleye Management Inc. purchased a new position in shares of Biohaven in the second quarter worth about $1,159,000. BlueCrest Capital Management Ltd purchased a new position in shares of Biohaven in the second quarter worth about $60,000. Engineers Gate Manager LP acquired a new stake in Biohaven in the 2nd quarter valued at about $581,000. Finally, Integrated Wealth Concepts LLC lifted its stake in Biohaven by 10.4% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 12,653 shares of the company's stock worth $188,000 after purchasing an additional 1,189 shares in the last quarter. Hedge funds and other institutional investors own 88.78% of the company's stock.

Biohaven Company Profile

Biohaven Ltd. NYSE: BHVN is a biopharmaceutical company focused on discovering, developing and commercializing therapies for neurological and neuropsychiatric diseases, as well as certain immunological and rare disorders. The company's research activities include small-molecule medicines, monoclonal antibodies and other innovative therapeutic approaches.

Biohaven's pipeline has included investigational treatments for conditions such as migraine, obsessive-compulsive disorder, spinal muscular atrophy, amyotrophic lateral sclerosis, mood disorders and autoimmune diseases.

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