Biohaven (NYSE:BHVN) Shares Gap Up – Here’s What Happened

Shares of Biohaven Ltd. (NYSE:BHVN) gapped up before the market opened on Wednesday . The stock had previously closed at $12.09, but opened at $13.16. Biohaven shares last traded at $13.3990, with a volume of 1,279,722 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Canaccord Genuity Group assumed coverage on Biohaven in a report on Monday, April 13th. They set a “buy” rating and a $21.00 price target on the stock. HC Wainwright reissued a “neutral” rating and set a $10.00 target price on shares of Biohaven in a research report on Tuesday, May 26th. Raymond James Financial reissued a “strong-buy” rating on shares of Biohaven in a research report on Wednesday, May 27th. TD Cowen boosted their target price on shares of Biohaven from $15.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Finally, Leerink Partners reissued an “outperform” rating and set a $15.00 target price on shares of Biohaven in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.27.

Biohaven Stock Up 14.9%

The business has a 50 day moving average of $10.09 and a 200 day moving average of $10.55. The company has a debt-to-equity ratio of 1.87, a current ratio of 7.41 and a quick ratio of 7.41. The firm has a market capitalization of $2.09 billion, a price-to-earnings ratio of -2.43 and a beta of 1.35.

Biohaven (NYSE:BHVN) last issued its earnings results on Monday, May 4th. The company reported ($0.88) EPS for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.02). On average, equities analysts anticipate that Biohaven Ltd. will post -3.07 EPS for the current year.

Institutional Trading of Biohaven

Several institutional investors have recently made changes to their positions in the business. Defilade Capital Management L.P. acquired a new stake in shares of Biohaven during the 1st quarter valued at about $2,673,000. Essential Partners LLC raised its holdings in shares of Biohaven by 31.7% in the 1st quarter. Essential Partners LLC now owns 9,020 shares of the company’s stock worth $76,000 after buying an additional 2,169 shares in the last quarter. Stempoint Capital LP acquired a new position in shares of Biohaven in the 1st quarter worth approximately $13,489,000. Janus Henderson Group PLC raised its holdings in shares of Biohaven by 1,145.9% in the 1st quarter. Janus Henderson Group PLC now owns 17,534,612 shares of the company’s stock worth $148,214,000 after buying an additional 16,127,247 shares in the last quarter. Finally, ADAR1 Capital Management LLC raised its holdings in shares of Biohaven by 30.6% in the 1st quarter. ADAR1 Capital Management LLC now owns 44,777 shares of the company’s stock worth $379,000 after buying an additional 10,500 shares in the last quarter. 88.78% of the stock is currently owned by institutional investors and hedge funds.

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.