Biohaven (NYSE:BHVN) Stock Price Up 8% – Still a Buy?

Biohaven Ltd. (NYSE:BHVN)’s share price rose 8% during mid-day trading on Friday . The stock traded as high as $13.06 and last traded at $12.8710. Approximately 2,555,338 shares traded hands during mid-day trading, a decline of 31% from the average daily volume of 3,703,014 shares. The stock had previously closed at $11.92.

Analyst Ratings Changes

Several research firms have recently weighed in on BHVN. JPMorgan Chase & Co. reduced their price objective on Biohaven from $47.00 to $15.00 and set an “overweight” rating for the company in a research note on Thursday, November 20th. BTIG Research reiterated a “buy” rating and issued a $16.00 price target on shares of Biohaven in a research report on Tuesday, November 18th. Robert W. Baird set a $42.00 price target on Biohaven in a research note on Wednesday, November 5th. Bank of America downgraded Biohaven from a “buy” rating to a “neutral” rating and set a $10.00 price objective on the stock. in a report on Wednesday, November 5th. Finally, Royal Bank Of Canada decreased their target price on shares of Biohaven from $19.00 to $9.00 and set a “sector perform” rating for the company in a report on Thursday, November 6th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Biohaven currently has a consensus rating of “Moderate Buy” and an average target price of $25.57.

Biohaven Trading Up 10.2%

The company has a debt-to-equity ratio of 1.91, a quick ratio of 2.86 and a current ratio of 2.86. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of -1.73 and a beta of 1.14. The company’s 50 day simple moving average is $10.14 and its two-hundred day simple moving average is $13.25.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, November 10th. The company reported ($1.64) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.91) by $0.27. Research analysts expect that Biohaven Ltd. will post -8.9 EPS for the current fiscal year.

Insider Transactions at Biohaven

In other Biohaven news, CEO Vlad Coric purchased 666,666 shares of the business’s stock in a transaction dated Thursday, November 13th. The shares were acquired at an average price of $7.50 per share, for a total transaction of $4,999,995.00. Following the acquisition, the chief executive officer owned 1,195,275 shares of the company’s stock, valued at $8,964,562.50. This trade represents a 126.12% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John W. Childs acquired 3,333,333 shares of Biohaven stock in a transaction that occurred on Thursday, November 13th. The stock was acquired at an average cost of $7.50 per share, with a total value of $24,999,997.50. Following the purchase, the director owned 5,653,904 shares in the company, valued at $42,404,280. The trade was a 143.64% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders acquired 4,416,999 shares of company stock worth $33,144,833. 16.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Biohaven

Several hedge funds have recently bought and sold shares of the business. Qube Research & Technologies Ltd lifted its position in shares of Biohaven by 834.4% in the third quarter. Qube Research & Technologies Ltd now owns 1,265,597 shares of the company’s stock worth $18,997,000 after buying an additional 1,130,157 shares during the last quarter. Norges Bank bought a new position in shares of Biohaven in the 2nd quarter valued at approximately $12,735,000. Bellevue Group AG boosted its position in Biohaven by 37.3% during the second quarter. Bellevue Group AG now owns 2,802,853 shares of the company’s stock worth $39,548,000 after purchasing an additional 762,000 shares during the period. Two Sigma Investments LP grew its holdings in Biohaven by 986.0% during the third quarter. Two Sigma Investments LP now owns 799,600 shares of the company’s stock valued at $12,002,000 after purchasing an additional 725,969 shares during the last quarter. Finally, Aberdeen Group plc bought a new position in shares of Biohaven in the fourth quarter valued at approximately $7,829,000. 88.78% of the stock is owned by institutional investors and hedge funds.

About Biohaven

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.