Biohaven (NYSE:BHVN) Issues Quarterly Earnings Results

Biohaven (NYSE:BHVN) posted its 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, Zacks reports.

Biohaven Stock Performance

Biohaven stock opened at $8.85 on Wednesday. The company has a quick ratio of 2.86, a current ratio of 2.86 and a debt-to-equity ratio of 1.91. The stock has a market cap of $936.33 million, a PE ratio of -1.16 and a beta of 1.13. Biohaven has a 12-month low of $7.48 and a 12-month high of $47.42. The business’s 50-day moving average price is $13.18 and its two-hundred day moving average price is $14.25.

Wall Street Analyst Weigh In

Several research firms recently commented on BHVN. BTIG Research restated a “buy” rating and issued a $16.00 price target on shares of Biohaven in a research note on Tuesday, November 18th. Leerink Partners decreased their target price on shares of Biohaven from $60.00 to $50.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 12th. Robert W. Baird set a $42.00 price target on shares of Biohaven in a research report on Wednesday, November 5th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $9.00 price target (down from $34.00) on shares of Biohaven in a research note on Thursday, November 6th. Finally, Raymond James Financial restated a “strong-buy” rating on shares of Biohaven in a research note on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Biohaven presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.93.

Insider Activity at Biohaven

In related news, CEO Vlad Coric acquired 666,666 shares of the stock in a transaction that occurred on Thursday, November 13th. The stock was acquired at an average cost of $7.50 per share, for a total transaction of $4,999,995.00. Following the transaction, the chief executive officer directly owned 1,195,275 shares in the company, valued at $8,964,562.50. This trade represents a 126.12% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO George C. Clark acquired 17,000 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The stock was bought at an average cost of $8.52 per share, with a total value of $144,840.00. Following the purchase, the chief accounting officer owned 20,000 shares in the company, valued at $170,400. The trade was a 566.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have purchased 4,416,999 shares of company stock valued at $33,144,832. 14.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Biohaven

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. grew its position in Biohaven by 113.7% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,383 shares of the company’s stock worth $36,000 after acquiring an additional 1,268 shares during the last quarter. Focus Partners Wealth acquired a new stake in Biohaven during the 3rd quarter worth approximately $87,000. Tower Research Capital LLC TRC grew its holdings in Biohaven by 198.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,031 shares of the company’s stock worth $113,000 after acquiring an additional 5,341 shares during the last quarter. Quantbot Technologies LP increased its position in Biohaven by 1,097.8% in the 2nd quarter. Quantbot Technologies LP now owns 8,840 shares of the company’s stock valued at $125,000 after acquiring an additional 8,102 shares during the period. Finally, Osaic Holdings Inc. increased its position in Biohaven by 150.5% in the 2nd quarter. Osaic Holdings Inc. now owns 9,791 shares of the company’s stock valued at $147,000 after acquiring an additional 5,883 shares during the period. Institutional investors own 88.78% of the company’s stock.

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.