Biohaven Ltd. (BHVN)
NYSE:BHVN
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Biohaven Ltd.
(NYSE:BHVN)
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Rating:44Neutral
Price Target:
$9.50
▼(-1.25% Downside)
Action:ReiteratedDate:04/02/26
The score is primarily held down by very weak financial performance (no revenue, heavy cash burn, and sharply higher leverage). Technicals also lean bearish with the stock below key moving averages and negative MACD, despite oversold indicators. Corporate events provide some offset via added funding and pipeline catalyst messaging, but do not fully counterbalance the financial and trend risks.
Positive Factors
Degrader platform & pivotal trials
Biohaven’s MoDE and TRAP extracellular degrader platforms target disease-causing proteins with hepatic ASGPR delivery. A diversified, mechanistic platform plus planned pivotal BHV-1400 and BHV-1300 trial starts in 2026 creates a durable R&D engine and multiple potential clinical-value catalysts that can drive long-term commercial optionality across autoimmune and renal markets if trials succeed.
Negative Factors
No revenue; large operating losses
Biohaven reports no product revenue while posting persistent, large net losses. Without commercial revenue, the company must rely on financing or partnerships to fund R&D and operations. This structural dependence increases dilution and execution risk over months, and makes sustained investment contingent on trial outcomes or external funding sources.
Read all positive and negative factors
Positive Factors
Negative Factors
Degrader platform & pivotal trials
Biohaven’s MoDE and TRAP extracellular degrader platforms target disease-causing proteins with hepatic ASGPR delivery. A diversified, mechanistic platform plus planned pivotal BHV-1400 and BHV-1300 trial starts in 2026 creates a durable R&D engine and multiple potential clinical-value catalysts that can drive long-term commercial optionality across autoimmune and renal markets if trials succeed.
Read all positive factors
Biohaven Ltd. (BHVN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.45B
Dividend YieldN/A
Average Volume (3M)2.37M
Price to Earnings (P/E)―
Beta (1Y)1.55
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. Volume2,687,731
30 Day Avg. Volume2,369,571
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 Cap0.75
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-526.09
Enterprise Value/Ebitda-1.46
Forecast
1Y Price Target
$21.50Price Target Upside123.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
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
Neutral
9.62
Price Trends
10.80
Negative
10.54
Negative
12.73
Negative
Market Momentum
-0.61
Negative
49.99
Neutral
40.53
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BHVN, the sentiment is Neutral. The current price of 9.62 is above the 20-day moving average (MA) of 9.30, below the 50-day MA of 10.80, and below the 200-day MA of 12.73, indicating a neutral trend. The MACD of -0.61 indicates Negative momentum. The RSI at 49.99 is Neutral, neither overbought nor oversold. The STOCH value of 40.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BHVN.
Biohaven Ltd. Risk Analysis
Biohaven Ltd. disclosed 63 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 | $2.35B | 6.20 | -76.45% | ― | 45.38% | 92.85% | |
70 Outperform | $2.06B | 7.46 | 70.37% | ― | 20.62% | ― | |
66 Neutral | $1.65B | 110.29 | 5.17% | ― | 14.05% | 241.86% | |
61 Neutral | $3.55B | -12.72 | -31.97% | ― | ― | -5.73% | |
54 Neutral | $782.58M | -27.17 | -11.21% | ― | 17.44% | 24.15% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $1.45B | ― | -688.89% | ― | ― | 18.76% |
* Healthcare Sector Average
BHVN
Biohaven Ltd.
9.62
-10.93
-53.19%
VCEL
Vericel
32.56
-10.93
-25.13%
BCRX
BioCryst
9.38
2.05
27.97%
MNKD
MannKind
2.54
-2.34
-47.95%
AUPH
Aurinia Pharmaceuticals
15.47
7.42
92.17%
EWTX
Edgewise Therapeutics
33.14
19.56
144.04%
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.