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

Shares of Biohaven Ltd. (NYSE:BHVN - Get Free Report) gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $35.78, but opened at $37.83. Biohaven shares last traded at $37.40, with a volume of 180,641 shares traded.

Specifically, Director John W. Childs acquired 29,000 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was bought at an average cost of $35.94 per share, with a total value of $1,042,260.00. Following the completion of the purchase, the director now directly owns 2,368,741 shares in the company, valued at $85,132,551.54. The trade was a 1.24 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Jefferies Financial Group began coverage on shares of Biohaven in a research report on Monday, September 16th. They issued a "buy" rating and a $57.00 price target for the company. Cantor Fitzgerald reiterated an "overweight" rating on shares of Biohaven in a report on Tuesday, December 17th. Bank of America raised their price objective on Biohaven from $52.00 to $62.00 and gave the company a "buy" rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. boosted their target price on shares of Biohaven from $55.00 to $68.00 and gave the stock an "overweight" rating in a report on Thursday, October 3rd. Finally, HC Wainwright restated a "buy" rating and issued a $59.00 price target on shares of Biohaven in a report on Tuesday, December 17th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $63.00.

Biohaven Trading Up 4.4 %

The stock has a 50-day moving average price of $45.32 and a 200 day moving average price of $42.03. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of -3.99 and a beta of 1.24.

Biohaven (NYSE:BHVN - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($1.70) EPS for the quarter, missing the consensus estimate of ($1.67) by ($0.03). Equities research analysts anticipate that Biohaven Ltd. will post -8.85 earnings per share for the current year.

Hedge Funds Weigh In On Biohaven

Large investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC acquired a new position in shares of Biohaven during the third quarter valued at approximately $50,000. Values First Advisors Inc. purchased a new position in Biohaven in the 3rd quarter valued at $78,000. Redwood Wealth Management Group LLC acquired a new stake in Biohaven during the 2nd quarter worth $61,000. US Bancorp DE raised its position in shares of Biohaven by 57.1% in the third quarter. US Bancorp DE now owns 2,173 shares of the company's stock valued at $109,000 after buying an additional 790 shares during the last quarter. Finally, KBC Group NV lifted its stake in shares of Biohaven by 24.5% in the third quarter. KBC Group NV now owns 2,250 shares of the company's stock worth $112,000 after buying an additional 443 shares in the last quarter. 88.78% of the stock is currently owned by institutional investors and hedge funds.

About Biohaven

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.