Norges Bank Acquires New Holdings in Biohaven Ltd. (NYSE:BHVN)

Norges Bank purchased a new stake in shares of Biohaven Ltd. (NYSE:BHVN - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 902,565 shares of the company's stock, valued at approximately $33,711,000. Norges Bank owned about 0.89% of Biohaven at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Spire Wealth Management bought a new stake in Biohaven during the fourth quarter valued at $56,000. Amalgamated Bank boosted its position in shares of Biohaven by 21.9% during the 4th quarter. Amalgamated Bank now owns 2,929 shares of the company's stock worth $109,000 after purchasing an additional 527 shares in the last quarter. US Bancorp DE boosted its position in shares of Biohaven by 36.7% during the 4th quarter. US Bancorp DE now owns 2,971 shares of the company's stock worth $111,000 after purchasing an additional 798 shares in the last quarter. KBC Group NV boosted its position in shares of Biohaven by 50.1% during the 4th quarter. KBC Group NV now owns 3,377 shares of the company's stock worth $126,000 after purchasing an additional 1,127 shares in the last quarter. Finally, Diversified Trust Co boosted its position in shares of Biohaven by 16.6% during the 4th quarter. Diversified Trust Co now owns 5,585 shares of the company's stock worth $209,000 after purchasing an additional 795 shares in the last quarter. Institutional investors own 88.78% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Morgan Stanley cut their price objective 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. Cantor Fitzgerald restated an "overweight" rating on shares of Biohaven in a research note on Tuesday, December 17th. Royal Bank of Canada restated an "outperform" rating and set a $61.00 price target on shares of Biohaven in a research note on Tuesday, March 4th. HC Wainwright reaffirmed a "buy" rating and issued a $54.00 price objective on shares of Biohaven in a report on Tuesday, March 4th. Finally, Deutsche Bank Aktiengesellschaft set a $60.00 price objective on shares of Biohaven and gave the stock a "buy" rating in a report on Thursday, March 20th. Fourteen investment 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, Biohaven currently has a consensus rating of "Buy" and a consensus price target of $62.77.

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Insider Activity

In other news, Director John W. Childs purchased 32,700 shares of the business's stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average price of $30.47 per share, for a total transaction of $996,369.00. Following the completion of the acquisition, 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 position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 16.00% of the company's stock.

Biohaven Price Performance

BHVN stock traded down $1.72 during trading on Thursday, reaching $16.95. The company had a trading volume of 334,239 shares, compared to its average volume of 1,113,355. Biohaven Ltd. has a 52 week low of $15.79 and a 52 week high of $55.70. The company has a market cap of $1.73 billion, a P/E ratio of -1.81 and a beta of 1.33. The business has a 50 day moving average of $31.30 and a 200 day moving average of $39.99.

Biohaven (NYSE:BHVN - Get Free Report) last announced its quarterly earnings data 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.

Biohaven 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.