Biohaven (NYSE:BHVN) Shares Gap Up - Time to Buy?

Biohaven Ltd. (NYSE:BHVN - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $38.25, but opened at $40.80. Biohaven shares last traded at $39.50, with a volume of 364,829 shares changing hands.

Analyst Ratings Changes

Several research firms have recently issued reports on BHVN. TD Cowen boosted their price objective on shares of Biohaven from $55.00 to $75.00 and gave the stock a "buy" rating in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft started coverage on Biohaven in a report on Tuesday. They set a "buy" rating and a $65.00 price objective on the stock. HC Wainwright restated a "buy" rating and issued a $59.00 target price on shares of Biohaven in a research note on Tuesday, December 17th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Biohaven in a research note on Tuesday, December 17th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $61.00 price objective (up previously from $58.00) on shares of Biohaven in a research note on Wednesday, December 4th. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Biohaven currently has an average rating of "Buy" and a consensus price target of $63.15.

Biohaven Price Performance

The business has a 50 day simple moving average of $38.63 and a 200 day simple moving average of $42.62. The company has a market cap of $4.18 billion, a price-to-earnings ratio of -4.44 and a beta of 1.28.

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 analysts' consensus estimates of ($1.67) by ($0.03). As a group, sell-side analysts anticipate that Biohaven Ltd. will post -8.9 earnings per share for the current fiscal year.

Insider Transactions at Biohaven

In other news, Director John W. Childs purchased 29,000 shares of the business's stock in a transaction dated Monday, December 30th. The shares were acquired at an average price 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 of the company's stock, valued at $85,132,551.54. The trade was a 1.24 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 16.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Biohaven

Institutional investors and hedge funds have recently modified their holdings of the business. nVerses Capital LLC bought a new stake in shares of Biohaven during the 3rd quarter valued at $50,000. Spire Wealth Management acquired a new stake in shares of Biohaven during the fourth quarter worth $56,000. Values First Advisors Inc. bought a new stake in Biohaven in the third quarter valued at about $78,000. US Bancorp DE lifted its stake in 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 period. Finally, Amalgamated Bank boosted its holdings in Biohaven by 21.9% during the fourth quarter. Amalgamated Bank now owns 2,929 shares of the company's stock worth $109,000 after buying an additional 527 shares during the last quarter. 88.78% of the stock is owned by institutional investors.

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.