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Biohaven Ltd.
(NYSE:BHVN)
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Rating:52Neutral
Price Target:
$17.00
▲(54.83% Upside)
Action:Reiterated
Date:07/10/26
The score is held down primarily by very weak financial performance (no revenue, large losses, heavy cash burn, and increased leverage/equity compression). Offsetting this is strong technical momentum with the stock trading well above key moving averages, though momentum looks overbought. Corporate updates are positive but are secondary compared with the current funding and execution risk implied by the financial statements.
Positive Factors
Pivotal RISE3 enrollment (opakalim)
Completing enrollment in the pivotal RISE3 program and targeting top-line readouts in 2H 2026 materially de-risks Biohaven’s epilepsy franchise. A successful pivotal readout can unlock regulatory progress or partnering, shifting the company toward commercialization and reducing binary early-stage exposure.
Negative Factors
No revenue; large recurring losses
Biohaven reports zero product revenue and persistent, large net losses (roughly -$739M in 2025; -$648M TTM). Without commercial revenue, the company must rely on successful clinical outcomes and external financing; sustained losses increase dilution risk and make long-term viability contingent on trial successes.
Read all positive and negative factors
Positive Factors
Negative Factors
Pivotal RISE3 enrollment (opakalim)
Completing enrollment in the pivotal RISE3 program and targeting top-line readouts in 2H 2026 materially de-risks Biohaven’s epilepsy franchise. A successful pivotal readout can unlock regulatory progress or partnering, shifting the company toward commercialization and reducing binary early-stage exposure.
Read all positive factors
Biohaven Ltd. (BHVN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.34B
Dividend YieldN/A
Average Volume (3M)3.65M
Price to Earnings (P/E)―
Beta (1Y)1.57
Revenue GrowthN/A
EPS Growth39.46%
CountryUS
Employees256
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-5.67
Shares Outstanding150,560,990
10 Day Avg. Volume2,788,201
30 Day Avg. Volume3,649,964
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 Cap0.62
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-704.59
Enterprise Value/Ebitda-2.28
Forecast
1Y Price Target
$17.70Price Target Upside61.20% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)-3
Revenue Forecast (FY)N/A
Biohaven Ltd. Business Overview & Revenue Model
Company Description
Biohaven Ltd. operates as a biopharmaceutical firm actively engaged in clinical trials. Its primary objective is to advance innovative treatments for disorders affecting the nervous and immune systems, with the potential to transform current medic...
How the Company Makes Money
null...
Biohaven Ltd. Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
24
Negative
Cash Flow
10
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -2.06M | -4.14M | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -638.55M | -727.46M | -837.83M | -402.64M | -568.46M | -211.04M |
| Net Income | -647.68M | -738.82M | -846.42M | -408.17M | -570.28M | -213.80M |
Balance Sheet | ||||||
| Total Assets | 466.41M | 451.45M | 615.11M | 513.21M | 661.78M | 142.06M |
| Cash, Cash Equivalents and Short-Term Investments | 347.82M | 319.14M | 485.99M | 381.82M | 465.34M | 76.06M |
| Total Debt | 286.18M | 284.61M | 36.58M | 30.88M | 33.60M | 3.24M |
| Total Liabilities | 336.91M | 399.38M | 191.67M | 85.24M | 123.01M | 47.37M |
| Stockholders Equity | 129.50M | 52.07M | 423.44M | 427.98M | 538.77M | 34.69M |
Cash Flow | ||||||
| Free Cash Flow | -594.49M | -610.15M | -586.50M | -334.77M | -338.76M | -146.78M |
| Operating Cash Flow | -594.23M | -609.44M | -582.45M | -331.73M | -297.69M | -145.84M |
| Investing Cash Flow | 150.89M | 300.56M | -244.97M | 129.83M | -304.79M | 944.00K |
| Financing Cash Flow | 617.76M | 439.12M | 677.77M | 211.91M | 767.60M | 138.45M |
Biohaven Ltd. Technical Analysis
Positive
10.98
Price Trends
11.81
Positive
10.92
Positive
11.63
Positive
Market Momentum
1.32
Positive
60.06
Neutral
74.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BHVN, the sentiment is Positive. The current price of 10.98 is below the 20-day moving average (MA) of 14.63, below the 50-day MA of 11.81, and below the 200-day MA of 11.63, indicating a bullish trend. The MACD of 1.32 indicates Positive momentum. The RSI at 60.06 is Neutral, neither overbought nor oversold. The STOCH value of 74.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BHVN.
Biohaven Ltd. Risk Analysis
Biohaven Ltd. disclosed 64 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.03B | 7.16 | 64.48% | ― | 20.62% | 696.05% | |
74 Outperform | $2.40B | 110.70 | 6.41% | ― | 22.45% | 602.15% | |
62 Neutral | $4.89B | -24.86 | -32.55% | ― | ― | -7.28% | |
59 Neutral | $1.26B | -52.26 | 45.59% | ― | 21.23% | -174.19% | |
58 Neutral | $2.66B | -5.73 | 123.57% | ― | 75.92% | -569.22% | |
52 Neutral | $2.34B | -2.68 | -866.46% | ― | ― | 39.46% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
BHVN
Biohaven Ltd.
15.17
0.98
6.91%
VCEL
Vericel
47.49
7.67
19.26%
BCRX
BioCryst
9.91
0.95
10.60%
MNKD
MannKind
4.04
<0.01
0.25%
AUPH
Aurinia Pharmaceuticals
16.03
6.99
77.32%
EWTX
Edgewise Therapeutics
41.27
27.34
196.27%
Biohaven Ltd. Corporate Events
Business Operations and StrategyExecutive/Board Changes
Biohaven Revamps Scientific Leadership to Drive Discovery
Positive
Jul 9, 2026
On July 9, 2026, Biohaven announced a series of scientific leadership changes effective July 13, 2026, aimed at bolstering its drug discovery and collaboration capabilities. Chief Scientific Officer Bruce Car is retiring from that post and moving ...
Business Operations and StrategyProduct-Related Announcements
Biohaven Showcases Promising Opakalim Epilepsy Data at R&D Day
Positive
May 27, 2026
On May 26, 2026, Biohaven reported new clinical data showing its epilepsy drug candidate opakalim, a once-daily selective Kv7.2/7.3 activator, substantially prolonged time to second generalized tonic-clonic seizure in a proof-of-concept idiopathic...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Biohaven Expands At-The-Market Equity Offering Program
Neutral
May 5, 2026
On May 4, 2026, Biohaven Ltd. amended its existing equity distribution agreement with J.P. Morgan Securities to expand an at-the-market share offering program, allowing the company to sell up to $350 million of common shares on the New York Stock ...
Executive/Board ChangesShareholder Meetings
Biohaven Shareholders Back Board, Auditor and Executive Pay
Positive
May 4, 2026
Biohaven Ltd. held its 2026 annual meeting of shareholders on April 28, 2026, where investors elected directors Michael T. Heffernan, Irina Antonijevic, M.D., Ph.D., and Robert J. Hugin to terms running through the 2029 annual meeting, reinforcing...
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.