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

Shares of Biohaven Ltd. (NYSE:BHVN) gapped up before the market opened on Wednesday . The stock had previously closed at $12.68, but opened at $13.85. Biohaven shares last traded at $13.3180, with a volume of 891,522 shares traded.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on BHVN shares. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Biohaven in a report on Wednesday, November 5th. Royal Bank Of Canada cut their target price on shares of Biohaven from $19.00 to $9.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 6th. TD Cowen reissued a “buy” rating on shares of Biohaven in a report on Wednesday, November 5th. Bank of America downgraded Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 target price on the stock. in a report on Wednesday, November 5th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $9.00 target price (down previously from $34.00) on shares of Biohaven in a research report on Thursday, November 6th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $25.57.

Biohaven Stock Down 2.2%

The stock has a market cap of $1.42 billion, a P/E ratio of -1.77 and a beta of 1.14. The company has a current ratio of 2.86, a quick ratio of 2.86 and a debt-to-equity ratio of 1.91. The stock’s 50-day moving average is $10.64 and its 200-day moving average is $13.20.

Biohaven (NYSE:BHVN) last issued its quarterly earnings results on Monday, November 10th. The company reported ($1.64) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.91) by $0.27. As a group, research 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 bought 3,333,333 shares of the firm’s stock in a transaction that occurred on Thursday, November 13th. The stock was acquired at an average price of $7.50 per share, with a total value of $24,999,997.50. Following the completion of the purchase, the director directly owned 5,653,904 shares of the company’s stock, valued at $42,404,280. This represents a 143.64% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO George C. Clark bought 17,000 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were purchased at an average cost of $8.52 per share, for a total transaction of $144,840.00. Following the completion of the acquisition, the chief accounting officer owned 20,000 shares of the company’s stock, valued at $170,400. This trade represents a 566.67% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 4,416,999 shares of company stock valued at $33,144,833 in the last quarter. Company insiders own 16.00% of the company’s stock.

Hedge Funds Weigh In On Biohaven

Several large investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. raised its holdings in shares of Biohaven by 113.7% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company’s stock worth $36,000 after purchasing an additional 1,268 shares in the last quarter. PFS Partners LLC bought a new position in shares of Biohaven in the third quarter valued at $60,000. Elkhorn Partners Limited Partnership lifted its position in shares of Biohaven by 26.1% during the 2nd quarter. Elkhorn Partners Limited Partnership now owns 5,800 shares of the company’s stock valued at $82,000 after acquiring an additional 1,200 shares during the last quarter. Focus Partners Wealth bought a new stake in shares of Biohaven during the 3rd quarter worth $87,000. Finally, Virtus Investment Advisers LLC boosted its stake in shares of Biohaven by 47.7% during the 2nd quarter. Virtus Investment Advisers LLC now owns 6,032 shares of the company’s stock worth $85,000 after acquiring an additional 1,949 shares in the last quarter. Institutional investors own 88.78% of the company’s stock.

Biohaven Company Profile

Biohaven Ltd. (NYSE BHVN) is a clinical-stage biopharmaceutical company dedicated to developing and commercializing therapies for neurological and neurovascular diseases. Founded in 2013 as a spin-out from Yale University, Biohaven focuses on addressing high-unmet medical needs through innovative small-molecule and peptide-based platforms. The company is headquartered in New Haven, Connecticut, and maintains research activities across the United States, with collaborative ties in Europe and Asia via strategic partnerships.

The company’s most advanced program centers on calcitonin gene-related peptide (CGRP) receptor antagonists for the acute and preventive treatment of migraine.