Five executives from top management at Biohaven Ltd. (NYSE:BHVN) engaged in huge insider buy transactions yesterday. Leading the race of insider buys was Director John Childs, who bought 3,900,000 shares of BHVN stock at an average price of $10.50 per share, worth $40.95 million.
Next on the buying spree was CEO Vlad Coric, who bought shares worth $8.96 million. Furthermore, CFO Matthew Buten, and two more directors bought shares worth $1.5 million, $2.1 million, and $99,992, respectively.
Based in the U.S., Biohaven is a clinical-stage biopharmaceutical company that develops drug candidates based on its proprietary technology platforms for the treatment of diseases with high unmet medical needs.
The insider buying follows right after the closing of the public offering of 25 million of its common stock, at a price of $10.50 per share.
Overall, TipRanks’ Insider Trading Tool shows Insiders at BHVN are very positive about the stock’s near-term prospects and have bought BHVN stock worth $58.6 million in the last three months.
The tool also shows that the Insider Confidence Signal is currently Very Positive for BHVN, with corporate insiders buying the stock recently.
Interestingly, TipRanks also provides a list of hot stocks that boasts either a Very Positive or Positive insider confidence signal.
Is BHVN Stock a Buy?
As per TipRanks, analysts are cautiously optimistic about the Biohaven stock and have a Moderate Buy consensus rating, which is based on two Buys. Biohaven’s average price forecast of $24 implies 76.34% upside potential.
Yesterday, Cantor Fitzgerald analyst Charles Duncan upgraded Biohaven Pharmaceutical to Buy from Hold with a price target of $27 (98.38% upside potential).
The upgrade follows the completion of the sale of its assets to Pfizer (NYSE:PFE) for $148.50 per share in cash as well as the spinoff of its remaining assets.
The analyst believes, “New Biohaven has a diversified neuro pipeline, and a management team with a history of creating value for investors… the key potential value creating milestone will be the Phase 1 data for BHV-7000.”
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