Biohaven Pharm (BHVN) Earns “Buy” Rating from Needham & Company LLC
“Biohaven reported 3Q17 financial results and we spoke w/ mgmt for an update. Rimegepant Phase 3 trials in Acute Migraine are nearing completion of enrollment and mgmt reiterated guidance for top-line results in 1Q18. We expect a positive outcome based on strength of Phase 2b data. Biohaven recently initiated a registration bioequivalence trial of BHV-0223 in Amyotrophic Lateral Sclerosis (ALS) and we believe results will be available in early 2018. We expect company to submit 505(b)(2) application (oral riluzole disintegrating tablet) by mid-2017. BHV5000 IND submission is on track, but BH3500 has been pushed into 2018 because of technical regulatory matters tied to manufacturing. Reiterate BUY, w/ expectations for upside around rimegepant Phase 3 outcome.”,” Needham & Company LLC’s analyst commented.
Other research analysts have also recently issued research reports about the stock. BidaskClub upgraded shares of Biohaven Pharm from a buy rating to a strong-buy rating in a report on Thursday, September 28th. William Blair reiterated an outperform rating on shares of Biohaven Pharm in a report on Tuesday, October 3rd. Piper Jaffray Companies reiterated a buy rating and set a $54.00 price target on shares of Biohaven Pharm in a report on Tuesday, September 12th. Finally, Zacks Investment Research upgraded shares of Biohaven Pharm from a sell rating to a hold rating in a report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $40.80.
Biohaven Pharm (NYSE BHVN) traded up $0.22 during midday trading on Wednesday, reaching $25.61. 169,946 shares of the company’s stock traded hands, compared to its average volume of 225,179. Biohaven Pharm has a 12 month low of $17.00 and a 12 month high of $39.51.
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In other news, CFO James Engelhart sold 30,538 shares of the company’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $26.58, for a total value of $811,700.04. Following the completion of the transaction, the chief financial officer now owns 25,176 shares in the company, valued at approximately $669,178.08. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Robert Berman sold 160,000 shares of the company’s stock in a transaction on Tuesday, November 14th. The shares were sold at an average price of $25.76, for a total transaction of $4,121,600.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 402,961 shares of company stock valued at $11,098,152.
Institutional investors have recently modified their holdings of the company. Deschutes Portfolio Strategy LLC acquired a new position in shares of Biohaven Pharm in the 3rd quarter valued at $374,000. Strs Ohio acquired a new position in shares of Biohaven Pharm in the 3rd quarter valued at $680,000. Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Biohaven Pharm in the 3rd quarter valued at $2,790,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Biohaven Pharm in the 3rd quarter valued at $7,483,000. Finally, Emerald Advisers Inc. PA acquired a new position in shares of Biohaven Pharm in the 3rd quarter valued at $9,096,000. Institutional investors and hedge funds own 44.03% of the company’s stock.
Biohaven Pharm Company Profile
Biohaven Pharmaceutical Holding Company Ltd. is a United States-based biopharmaceutical company. The Company is engaged in the identification and development of clinical-stage compounds targeting orphan neurologic indications and other neurological pathways. It has a portfolio of multiple late-stage drug candidates.
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