Biohaven Ltd. (BHVN)
NYSE:BHVN
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Biohaven Ltd.
(NYSE:BHVN)
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Rating:44Neutral
Price Target:
$8.00
▼(-27.14% Downside)
Action:Reiterated
Date:05/09/26
The score is primarily held down by very weak financial performance (no revenue, large recurring losses, and substantial cash burn) and elevated balance-sheet risk from higher leverage and reduced equity. Technical indicators are mostly neutral with the longer-term trend still pressured, while valuation signals are constrained by negative earnings and no dividend. A positive governance vote provides some stability but is not enough to offset the financial risks.
Positive Factors
Commercial-stage migraine portfolio
Biohaven is a commercial-stage biopharma focused on migraine therapies (rimegepant, zavegepant). Owning marketed or late-stage CGRP-targeting assets creates a durable strategic core, enabling commercial execution, regulatory know-how, and the potential to scale product-led revenue if commercialization advances succeed.
Negative Factors
Zero reported revenue and persistent net losses
The company reports no revenue and large recurring net losses, indicating it has not achieved commercial-scale receipts to self-fund operations. Sustained operating deficits weaken margins and force reliance on external financing, limiting long-term independence and increasing execution risk for strategic initiatives.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial-stage migraine portfolio
Biohaven is a commercial-stage biopharma focused on migraine therapies (rimegepant, zavegepant). Owning marketed or late-stage CGRP-targeting assets creates a durable strategic core, enabling commercial execution, regulatory know-how, and the potential to scale product-led revenue if commercialization advances succeed.
Read all positive factors
Biohaven Ltd. (BHVN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.33B
Dividend YieldN/A
Average Volume (3M)1.83M
Price to Earnings (P/E)―
Beta (1Y)1.61
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. Volume2,112,868
30 Day Avg. Volume1,826,499
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-457.20
Enterprise Value/Ebitda-1.45
Forecast
1Y Price Target
$19.60Price Target Upside78.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)-2.97
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
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 | -652.53M | -727.46M | -877.26M | -429.14M | -566.55M | -217.51M |
| 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 | 280.27M | 278.86M | 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
Negative
10.98
Price Trends
9.47
Negative
10.51
Negative
11.95
Negative
Market Momentum
-0.32
Positive
43.16
Neutral
15.95
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 10.98 is above the 20-day moving average (MA) of 9.42, above the 50-day MA of 9.47, and below the 200-day MA of 11.95, indicating a bearish trend. The MACD of -0.32 indicates Positive momentum. The RSI at 43.16 is Neutral, neither overbought nor oversold. The STOCH value of 15.95 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 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.04B | 14.28 | 64.48% | ― | 20.62% | 696.05% | |
72 Outperform | $1.81B | -64.80 | 6.41% | ― | 22.45% | 602.15% | |
61 Neutral | $2.22B | -0.80 | 123.57% | ― | 75.92% | -569.22% | |
57 Neutral | $1.00B | -11.36 | 45.59% | ― | 21.23% | -174.19% | |
56 Neutral | $3.53B | -17.21 | -32.55% | ― | ― | -7.28% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $1.33B | -2.39 | -866.46% | ― | ― | 39.46% |
* Healthcare Sector Average
BHVN
Biohaven Ltd.
8.85
-6.85
-43.63%
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BCRX
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MNKD
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AUPH
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EWTX
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32.82
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124.95%
Biohaven Ltd. Corporate Events
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.