Biohaven Stock Surges After Director Acquires Shares Worth Over $1M: Retail Sentiment Turns Bullish
By Stocktwits Inc | First Published Dec 31, 2024, 10:21 PM ISTEarlier this month, Biohaven reported achieving important milestones in the trial of its experimental drug BHV-1300, which is intended for use in the treatment of kidney disease.
Shares of Biohaven (BHVN) gained in morning trade on Tuesday after the company’s director John W. Childs acquired shares worth $1.04 million on Monday.
According to Biohaven’s U.S. Securities and Exchange Commission (SEC) filing, Childs acquired 29,000 shares of the company for the benefit of John W. Childs Revocable Trust, at an average price of $35.9446 apiece, over 3% lower than the current market price of $37.07.
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Biohaven is a Connecticut-based biopharmaceutical company that focuses on the discovery and development of drugs across therapeutic areas like neuroscience, immunology, and oncology.
Earlier this month, the company reported that it achieved essential milestones in the trial of its experimental drug BHV-1300, intended for use in treating a kidney disease. Biohaven also has other trials underway to treat autoimmune diseases.
Analysts at RBC Capital raised their price target for the Biohaven stock to $61 from $58 while maintaining an ‘Outperform’ rating, according to TheFly.
However, in November, the company’s spinal muscular atrophy (SMA) trial misfired after it failed to achieve its primary endpoint.
Reacting to the news of Childs acquiring company shares, Biohaven stock gained over 4% in morning trade on Tuesday, before paring some of the gains.
Retail sentiment on Stocktwits entered the ‘bullish’ territory (58/100), with message volume picking up, too.
Overall, though, Biohaven’s shares are down nearly 18.5% over the past month, and 13% year-to-date.
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