Biohaven (NYSE:BHVN) Shares Up 4.4% - Should You Buy?

Shares of Biohaven Ltd. (NYSE:BHVN - Get Free Report) traded up 4.4% during mid-day trading on Wednesday . The company traded as high as $23.48 and last traded at $23.60. 73,774 shares changed hands during trading, a decline of 93% from the average session volume of 1,081,917 shares. The stock had previously closed at $22.60.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BHVN. Deutsche Bank Aktiengesellschaft set a $60.00 price target on Biohaven and gave the company a "buy" rating in a report on Thursday, March 20th. Cantor Fitzgerald restated an "overweight" rating on shares of Biohaven in a research note on Tuesday, December 17th. Morgan Stanley reduced their price target on shares of Biohaven from $69.00 to $63.00 and set an "overweight" rating on the stock in a research report on Friday, March 7th. JPMorgan Chase & Co. dropped their target price on Biohaven from $72.00 to $68.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $61.00 price objective on shares of Biohaven in a report on Tuesday, March 4th. Fourteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $62.77.

Biohaven Stock Performance

The business's 50 day moving average is $33.40 and its 200 day moving average is $40.82. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of -1.84 and a beta of 1.33.

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Biohaven (NYSE:BHVN - Get Free Report) last issued its quarterly earnings results on Monday, March 3rd. The company reported ($1.85) earnings per share for the quarter, missing analysts' consensus estimates of ($1.56) by ($0.29). Research analysts expect that Biohaven Ltd. will post -8.9 earnings per share for the current year.

Insider Transactions at Biohaven

In related news, Director John W. Childs bought 32,700 shares of the business's stock in a transaction on Tuesday, March 4th. The stock was bought at an average price of $30.47 per share, for a total transaction of $996,369.00. Following the transaction, the director now directly owns 2,320,571 shares in the company, valued at $70,707,798.37. This represents a 1.43 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 16.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Biohaven

Several institutional investors and hedge funds have recently modified their holdings of the stock. Spire Wealth Management acquired a new position in shares of Biohaven during the 4th quarter worth $56,000. Amalgamated Bank raised its holdings in Biohaven by 21.9% in the 4th quarter. Amalgamated Bank now owns 2,929 shares of the company's stock worth $109,000 after acquiring an additional 527 shares during the period. US Bancorp DE boosted its holdings in Biohaven by 36.7% during the fourth quarter. US Bancorp DE now owns 2,971 shares of the company's stock valued at $111,000 after acquiring an additional 798 shares during the period. Quarry LP bought a new position in shares of Biohaven in the fourth quarter worth about $112,000. Finally, Lazard Asset Management LLC lifted its position in shares of Biohaven by 47.4% during the 4th quarter. Lazard Asset Management LLC now owns 3,207 shares of the company's stock worth $119,000 after purchasing an additional 1,031 shares during the last quarter. 88.78% of the stock is currently 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.