Biohaven (NYSE:BHVN) Shares Gap Up Following Analyst Upgrade

Biohaven Ltd. (NYSE:BHVN)’s stock price gapped up prior to trading on Monday after Bank of America raised their price target on the stock from $52.00 to $62.00. The stock had previously closed at $40.39, but opened at $46.50. Bank of America currently has a buy rating on the stock. Biohaven shares last traded at $48.90, with a volume of 1,921,258 shares trading hands.

Several other research analysts also recently commented on BHVN. UBS Group dropped their price target on Biohaven from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Robert W. Baird boosted their target price on shares of Biohaven from $58.00 to $60.00 and gave the stock an “outperform” rating in a research report on Monday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Biohaven in a research note on Tuesday. Sanford C. Bernstein boosted their price objective on shares of Biohaven from $55.00 to $66.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, HC Wainwright reissued a “buy” rating and set a $59.00 target price on shares of Biohaven in a research report on Tuesday. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Biohaven currently has a consensus rating of “Buy” and a consensus price target of $60.92.

Insider Transactions at Biohaven

In other news, Director John W. Childs purchased 28,400 shares of Biohaven stock in a transaction on Thursday, July 18th. The shares were purchased at an average cost of $35.67 per share, for a total transaction of $1,013,028.00. Following the completion of the transaction, the director now directly owns 2,339,741 shares in the company, valued at $83,458,561.47. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 16.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Clearbridge Investments LLC raised its position in shares of Biohaven by 16.9% during the 2nd quarter. Clearbridge Investments LLC now owns 479,369 shares of the company’s stock valued at $16,639,000 after acquiring an additional 69,180 shares during the last quarter. Quarry LP grew its position in shares of Biohaven by 614.3% in the 2nd quarter. Quarry LP now owns 5,000 shares of the company’s stock valued at $174,000 after purchasing an additional 4,300 shares during the period. Algert Global LLC increased its stake in Biohaven by 5.9% during the 2nd quarter. Algert Global LLC now owns 7,402 shares of the company’s stock worth $257,000 after purchasing an additional 412 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Biohaven by 12.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 183,772 shares of the company’s stock worth $6,379,000 after buying an additional 20,154 shares during the period. Finally, AQR Capital Management LLC lifted its stake in Biohaven by 234.3% in the second quarter. AQR Capital Management LLC now owns 54,361 shares of the company’s stock valued at $1,887,000 after buying an additional 38,101 shares in the last quarter. Institutional investors and hedge funds own 88.78% of the company’s stock.

Biohaven Stock Down 1.9 %

The company’s fifty day moving average price is $38.65 and its two-hundred day moving average price is $40.65. The company has a market cap of $3.98 billion, a price-to-earnings ratio of -6.60 and a beta of 1.30.

Biohaven (NYSE:BHVN) last announced its earnings results on Thursday, August 8th. The company reported ($3.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.72) by ($1.92). On average, equities research analysts predict that Biohaven Ltd. will post -8.92 earnings per share for the current fiscal year.

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.