In a recent transaction, Vlad Coric, the Chief Executive Officer of Biohaven Ltd. (NYSE:BHVN), has acquired additional shares of the company. The purchase, which took place on October 2, 2024, involved 21,052 common shares at a price of $47.50 each, amounting to a total investment of $999,970.
This acquisition is part of an underwritten public offering, as indicated in the footnotes of the SEC filing. Following this transaction, Coric's direct and indirect holdings in Biohaven have increased substantially. The shares acquired are held indirectly by The Vlad Coric Family Trust, showcasing the CEO's continued commitment to the company. It's important to note that Coric disclaims beneficial ownership of these securities for Section 16 purposes.
The SEC filing also revealed that the indirect holdings of Biohaven shares by The Vladimir Coric Marital Trust stand at 407,213, while the 401(K) Plan holds 109,565 shares. Additionally, the total direct holdings amount to 1,789,159 common shares, which includes 742 shares acquired through the Biohaven Employee Share Purchase Plan earlier in the year.
Biohaven Ltd., which operates within the pharmaceutical preparations industry, has been a subject of interest for investors looking to gauge insider confidence in the company's prospects. The recent purchase by CEO Vlad Coric may be a signal of his optimism about the company's future. Investors often monitor such insider transactions as they provide insights into the leadership's view of the company's valuation and potential.
The signature on the SEC filing was provided by George Clark, Attorney-in-Fact, on October 3, 2024.
In other recent news, Biohaven Pharmaceutical Holding has made significant progress in its drug development programs. JPMorgan has increased the price target for Biohaven shares to $68, maintaining an Overweight rating. This adjustment follows Biohaven's updates on their troriluzole program for spinocerebellar ataxia (SCA) treatment. The company aims to complete the resubmission of a New Drug Application for troriluzole by the end of the year.
Biohaven has also initiated a public offering of its common shares, potentially reaching gross proceeds of approximately $250 million. The offering is managed by J.P. Morgan and Morgan Stanley. Furthermore, the company has launched a pivotal Phase 2 study for its new migraine treatment, BHV-2100, following encouraging results in Phase 1 trials.
In addition, Biohaven's drug, troriluzole, demonstrated hopeful results in clinical trials for SCA, potentially slowing disease progression by 50-70%. The company also plans to file for approval for its lead candidate, BHV-1300, after receiving FDA approval for Multiple Ascending Dose studies in Rheumatoid Arthritis patients. Analyst firms such as Leerink Partners, H.C. Wainwright, BofA Securities, and RBC Capital have acknowledged these advancements, maintaining positive ratings and increasing their price targets for Biohaven.
InvestingPro Insights
The recent share acquisition by Biohaven Ltd.'s CEO Vlad Coric aligns with several positive indicators highlighted by InvestingPro. According to InvestingPro Tips, Biohaven has shown a "Strong return over the last month" and "Strong return over the last three months," with data revealing a 25.73% and 42.02% price total return respectively. This recent performance may have influenced Coric's decision to increase his stake in the company.
Additionally, InvestingPro data shows that Biohaven's market capitalization stands at $4.54 billion, with a price-to-book ratio of 11.82. This high P/B multiple, coupled with the InvestingPro Tip that the company is "Trading at a high Price / Book multiple," suggests that investors, including Coric, may see significant growth potential in Biohaven's assets and future prospects.
However, it's worth noting that InvestingPro Tips also indicate that Biohaven "Suffers from weak gross profit margins" and is "Not profitable over the last twelve months." This is reflected in the negative EBITDA of -$774.44 million for the last twelve months. Despite these challenges, Coric's substantial investment demonstrates confidence in the company's long-term outlook.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Biohaven, providing a deeper understanding of the company's financial health and market position.
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