Biohaven Ltd. (BHVN)
NYSE:BHVN
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Biohaven Ltd.
(NYSE:BHVN)
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Rating:45Neutral
Price Target:
$8.50
▼(-2.75% Downside)
Action:ReiteratedDate:03/03/26
The score is held down primarily by weak financial performance (no revenue, heavy losses, accelerating cash burn, and sharply higher leverage in 2025). Technicals are neutral-to-soft and valuation is difficult to support with a negative P/E. Recent corporate events provide some offset via added funding and pipeline catalyst messaging, but do not fully mitigate the underlying financial risk.
Positive Factors
Platform & Pipeline
Biohaven’s differentiated degrader platforms (MoDE, TRAP) and announced 2026 pivotal trial starts create a durable R&D engine. Platform scalability and alignment with KDIGO guidance support multi-indication opportunity and sustained clinical catalysts beyond short-term noise.
Negative Factors
No Revenue, Large Losses
The company reports no revenue while incurring very large, persistent losses, leaving profitability dependent on successful late-stage programs or partnerships. This fundamental gap constrains strategic optionality and elevates execution risk absent clear near-term commercialization.
Read all positive and negative factors
Positive Factors
Negative Factors
Platform & Pipeline
Biohaven’s differentiated degrader platforms (MoDE, TRAP) and announced 2026 pivotal trial starts create a durable R&D engine. Platform scalability and alignment with KDIGO guidance support multi-indication opportunity and sustained clinical catalysts beyond short-term noise.
Read all positive factors
Biohaven Ltd. (BHVN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.31B
Dividend YieldN/A
Average Volume (3M)2.27M
Price to Earnings (P/E)―
Beta (1Y)1.52
Revenue GrowthN/A
EPS Growth18.76%
CountryUS
Employees256
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.21
Shares Outstanding150,417,080
10 Day Avg. Volume2,921,061
30 Day Avg. Volume2,265,341
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)23.33
Price to Sales (P/S)0.00
P/FCF Ratio-1.99
Enterprise Value/Market Cap0.71
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-453.81
Enterprise Value/Ebitda-1.26
Forecast
1Y Price Target
$21.13Price Target Upside141.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)-2.98
Revenue Forecast (FY)N/A
Biohaven Ltd. Business Overview & Revenue Model
Company Description
Biohaven Ltd. is a clinical-stage biopharmaceutical company. The Company focuses on development of therapies for neurological and immunoscience diseases that can change current treatment paradigms....
How the Company Makes Money
Biohaven makes money primarily through (1) product-related revenues from commercialized therapies where it holds commercialization rights and books net sales (i.e., revenue derived from distributing and selling its medicines, net of rebates, disco...
Biohaven Ltd. Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
28
Negative
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -4.14M | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -727.46M | -877.26M | -429.14M | -566.55M | -217.51M |
| Net Income | -738.82M | -846.42M | -408.17M | -570.28M | -213.80M |
Balance Sheet | |||||
| Total Assets | 451.45M | 615.11M | 513.21M | 661.78M | 142.06M |
| Cash, Cash Equivalents and Short-Term Investments | 319.14M | 485.99M | 381.82M | 465.34M | 76.06M |
| Total Debt | 278.86M | 36.58M | 30.88M | 33.60M | 3.24M |
| Total Liabilities | 399.38M | 191.67M | 85.24M | 123.01M | 47.37M |
| Stockholders Equity | 52.07M | 423.44M | 427.98M | 538.77M | 34.69M |
Cash Flow | |||||
| Free Cash Flow | -610.15M | -586.50M | -334.77M | -338.76M | -146.78M |
| Operating Cash Flow | -609.44M | -582.45M | -331.73M | -297.69M | -145.84M |
| Investing Cash Flow | 300.56M | -244.97M | 129.83M | -304.79M | 944.00K |
| Financing Cash Flow | 439.12M | 677.77M | 211.91M | 767.60M | 138.45M |
Biohaven Ltd. Technical Analysis
Negative
8.74
Price Trends
11.26
Negative
11.00
Negative
13.00
Negative
Market Momentum
-0.67
Positive
29.41
Positive
4.47
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BHVN, the sentiment is Negative. The current price of 8.74 is below the 20-day moving average (MA) of 10.23, below the 50-day MA of 11.26, and below the 200-day MA of 13.00, indicating a bearish trend. The MACD of -0.67 indicates Positive momentum. The RSI at 29.41 is Positive, neither overbought nor oversold. The STOCH value of 4.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BHVN.
Biohaven Ltd. Risk Analysis
Biohaven Ltd. disclosed 61 risk factors in its most recent earnings report. Biohaven Ltd. reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Biohaven Ltd. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $2.42B | 6.20 | -76.45% | ― | 45.38% | 92.85% | |
70 Outperform | $1.94B | 7.46 | 70.37% | ― | 20.62% | ― | |
66 Neutral | $1.65B | 110.29 | 5.17% | ― | 14.05% | 241.86% | |
61 Neutral | $3.20B | -12.72 | -31.97% | ― | ― | -5.73% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $751.77M | -27.17 | -11.21% | ― | 17.44% | 24.15% | |
45 Neutral | $1.31B | -1.64 | -688.89% | ― | ― | 18.76% |
* Healthcare Sector Average
BHVN
Biohaven Ltd.
8.39
-21.48
-71.91%
VCEL
Vericel
33.08
-14.88
-31.03%
BCRX
BioCryst
9.66
1.59
19.70%
MNKD
MannKind
2.29
-2.93
-56.13%
AUPH
Aurinia Pharmaceuticals
14.21
5.54
63.90%
EWTX
Edgewise Therapeutics
30.64
7.84
34.39%
Biohaven Ltd. Corporate Events
Business Operations and Strategy
Biohaven highlights degrader platforms in new investor presentation
Positive
Jan 12, 2026
On January 12, 2026, Biohaven Ltd. announced it would deliver an investor presentation outlining progress and plans across its diversified drug development platforms, highlighting its MoDE and TRAP extracellular degrader technologies that leverage...
Private Placements and Financing
Biohaven Announces $125 Million Targeted Equity Financing
Positive
Jan 7, 2026
On January 6, 2026, Biohaven Ltd. agreed to issue and sell 12,500,000 common shares to Janus Henderson Investors at $10.00 per share in a block transaction under its existing at-the-market equity program. The deal is expected to provide Biohaven w...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.