Biohaven Ltd. (BHVN) AI Stock Analysis

• Market Cap: $1.53B
• Dividend Yield: N/A
• Average Volume (3M): 3.20M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.49
• Revenue Growth: N/A
• EPS Growth: 18.76%
• Country: US
• Employees: 256
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.64
• Shares Outstanding: 132,688,490
• 10 Day Avg. Volume: 3,055,935
• 30 Day Avg. Volume: 3,202,867
• PEG Ratio: -0.06
• Price to Book (P/B): 8.05
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.81
• Enterprise Value/Market Cap: 1.12
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -1.55K
• Enterprise Value/Ebitda: -2.17
• 1Y Price Target: $15.09
• Price Target Upside: 30.76% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): -6.61
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $11.50 ▼(-0.35% Downside)

The score is primarily held down by weak financial performance—no revenue, large losses, heavy cash burn, and increased balance-sheet risk from negative equity and higher debt. Technicals are only modestly supportive in the near term while the longer-term trend remains bearish, and valuation is difficult to support given negative earnings. The recent $200M financing is a partial offset by improving liquidity.

Positive Factors

Pipeline Innovation

Biohaven's diverse pipeline, including novel treatments for epilepsy, autoimmune disease, and obesity, positions it to address significant unmet medical needs, potentially leading to breakthrough therapies and long-term growth.

Strategic Focus

By focusing resources on immunology, obesity, and epilepsy, Biohaven is strategically aligning its efforts on areas with high growth potential, enhancing its ability to bring impactful therapies to market.

Recent Financing

The recent $200M financing strengthens Biohaven's liquidity, providing necessary capital to support ongoing R&D and operational needs, which is crucial for sustaining long-term innovation and market competitiveness.

Negative Factors

Financial Performance

Biohaven's lack of revenue and substantial losses highlight significant financial challenges, limiting its ability to self-fund operations and increasing reliance on external financing, which could impact long-term viability.

Balance Sheet Risk

The negative equity and rising debt levels increase financial risk, reducing flexibility and potentially constraining Biohaven's ability to invest in future growth opportunities, impacting its long-term financial health.

Clinical Trial Setback

The failure of the BHV-7000 trial to meet its primary endpoint in MDD raises concerns about the efficacy of this candidate, potentially affecting future development plans and delaying revenue generation from new products.

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 Ltd. generates revenue primarily through the sale of its pharmaceutical products designed to treat neurological and neuropsychiatric diseases. The company's key revenue streams include sales from its approved drugs, particularly in the migraine treatment market. Biohaven may also earn income through licensing agreements, where it partners with other pharmaceutical companies to distribute its products in various regions. Additionally, the company could be involved in collaborative research and development agreements, which may provide milestone payments and royalties, contributing to its earnings.

Biohaven Ltd. Financial Statement Overview

Summary

Biohaven Ltd. faces financial challenges with zero revenue and significant operational losses. The balance sheet is stable but lacks growth, and cash flow remains negative with reliance on financing. Overall, financial health is weak, requiring revenue growth and improved cash generation.

Income Statement

Biohaven Ltd. has consistently reported zero revenue in recent years, indicating a lack of product sales or service income. The company has faced significant losses with net income remaining negative, reflecting ongoing operational challenges. This lack of revenue generation alongside substantial losses results in a low income statement score.

Balance Sheet

The balance sheet reveals a relatively stable equity position with stockholders' equity remaining positive. However, the debt-to-equity ratio has been manageable due to low levels of debt. Despite positive cash balances, the company’s equity ratio is impacted by limited asset growth. The overall financial position is stable but lacks significant improvement, contributing to a moderate score.

Cash Flow

Operating cash flow is consistently negative, indicating ongoing cash outflows from core operations. Free cash flow remains negative, reflecting challenges in generating cash after capital expenditures. The cash flow score is limited by the lack of positive cash generation, although financing inflows have supported liquidity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-1.10M	0.00	0.00	0.00	0.00	0.00
EBITDA	-788.63M	-877.26M	-429.14M	-566.55M	-217.51M	-114.43M
Net Income	-780.11M	-846.42M	-408.17M	-570.28M	-213.80M	-118.67M
Balance Sheet
Total Assets	409.12M	615.11M	513.21M	661.78M	142.06M	111.50M
Cash, Cash Equivalents and Short-Term Investments	260.22M	485.99M	381.82M	465.34M	76.06M	82.51M
Total Debt	314.18M	36.58M	30.88M	33.60M	3.24M	3.60M
Total Liabilities	426.28M	191.67M	85.24M	123.01M	47.37M	34.72M
Stockholders Equity	-17.16M	423.44M	427.98M	538.77M	34.69M	16.78M
Cash Flow
Free Cash Flow	-650.27M	-586.50M	-334.77M	-338.76M	-146.78M	-78.65M
Operating Cash Flow	-649.52M	-582.45M	-331.73M	-297.69M	-145.84M	-75.96M
Investing Cash Flow	226.62M	-244.97M	129.83M	-304.79M	944.00K	-2.70M
Financing Cash Flow	523.17M	677.77M	211.91M	767.60M	138.45M	152.24M

Biohaven Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 11.54
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 11.54 is above the 20-day moving average (MA) of 10.56, below the 50-day MA of 11.57, and below the 200-day MA of 15.75, indicating a neutral trend. The MACD of 0.08 indicates Negative momentum. The RSI at 56.93 is Neutral, neither overbought nor oversold. The STOCH value of 64.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BHVN.

Biohaven Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AUPH	79 Outperform	$2.09B	28.32	20.65%	―	20.62%	―
VCEL	71 Outperform	$1.90B	156.10	4.52%	―	14.05%	241.86%
MNKD	64 Neutral	$1.77B	61.19	―	―	17.44%	24.15%
BCRX	55 Neutral	$1.62B	-163.00	―	―	45.38%	92.85%
EWTX	55 Neutral	$2.61B	-15.61	-30.02%	―	―	-5.73%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BHVN	46 Neutral	$1.53B	-1.52	-522.08%	―	―	18.76%

Biohaven Ltd. Corporate Events

Biohaven Ltd. Raises $200M in Public Offering

On November 12, 2025, Biohaven Ltd. entered into an underwriting agreement with J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC for a public offering of up to 26,833,334 common shares at $7.50 per share. The following day, the company successfully issued and sold the full amount, including additional shares, raising approximately $200 million in gross proceeds, which will impact its financial operations and market positioning.

The most recent analyst rating on (BHVN) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Biohaven Ltd. stock, see the BHVN Stock Forecast page.