Biohaven Ltd. (BHVN) AI Stock Analysis

• Market Cap: $1.61B
• Dividend Yield: N/A
• Average Volume (3M): 3.01M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.51
• 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: 145,188,490
• 10 Day Avg. Volume: 3,630,820
• 30 Day Avg. Volume: 3,014,342
• 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: 1.06
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -1.55K
• Enterprise Value/Ebitda: -2.17
• 1Y Price Target: $15.55
• Price Target Upside: 31.33% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): -3.09
• Revenue Forecast (FY): $4.84M

• Rating: 48 Neutral
• Price Target: $11.00 ▼(-7.09% Downside)

The score is primarily constrained by weak financial performance (no revenue, large ongoing losses and cash burn, and a deterioration to negative equity with higher debt). Technical indicators provide only modest support in the near term (neutral RSI and positive MACD, but still below longer-term moving averages). Valuation is also a headwind because the negative P/E reflects continued unprofitability and no dividend yield is available.

Positive Factors

CNS-focused portfolio and pipeline

A strategic focus on migraine and CNS disorders positions the company in therapeutic areas with chronic, high-unmet-need patient populations. Durable specialization supports differentiated R&D expertise, potential recurring product revenue if commercial assets scale, and a multi-asset pipeline that reduces single-drug binary risk.

Demonstrated access to equity capital

Successful targeted financings (and a prior $200M public offering) indicate persistent investor appetite, providing near-term liquidity to fund trials and operations. Sustained access to capital markets is a structural strength for a cash-burning biotech, reducing short-term solvency risk while pipelines mature.

Cash-flow and reported losses align

Close alignment between accounting losses and cash outflows means reported deficits reflect real cash consumption rather than sizable non-cash adjustments. This improves visibility into actual funding needs and enhances planning reliability for at least the next several quarters.

Negative Factors

No commercial revenue and large recurring losses

Absence of product-derived revenue paired with sustained, large net losses undermines operating leverage and forces reliance on financing. Without commercial cash flow, the company faces persistent funding needs and higher execution risk as development costs continue to outpace internal income generation.

Negative equity and rising leverage

A shift to negative equity and a material rise in debt materially reduce financial flexibility, increase default and covenant risk, and can raise borrowing costs. This weaker capital structure constrains strategic options and heightens vulnerability to funding disruptions over the medium term.

High cash burn necessitates dilutive financings

Substantial operating cash outflows (~-$650M TTM) compel repeated equity raises, which dilute existing holders and tie the company’s runway to market conditions. Continued dependence on capital markets elevates execution risk if investor sentiment or access deteriorates over the coming months.

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: Negative
• Last Price: 11.84
• 50DMA: Positive
• 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 Negative. The current price of 11.84 is above the 20-day moving average (MA) of 11.02, above the 50-day MA of 10.37, and below the 200-day MA of 14.84, indicating a neutral trend. The MACD of 0.11 indicates Negative momentum. The RSI at 50.06 is Neutral, neither overbought nor oversold. The STOCH value of 61.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	$2.00B	27.23	20.65%	―	20.62%	―
VCEL	65 Neutral	$1.95B	151.95	4.52%	―	14.05%	241.86%
MNKD	64 Neutral	$1.80B	61.19	―	―	17.44%	24.15%
EWTX	55 Neutral	$2.64B	-15.30	-30.02%	―	―	-5.73%
BCRX	52 Neutral	$1.56B	-149.89	―	―	45.38%	92.85%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BHVN	48 Neutral	$1.61B	-1.56	-522.08%	―	―	18.76%

Biohaven Ltd. Corporate Events

Biohaven highlights degrader platforms in new investor presentation

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 hepatic ASGPR to selectively remove disease-causing proteins while preserving the broader immune system. The presentation emphasized upcoming pivotal trial starts in 2026 for BHV-1400 in IgA nephropathy and BHV-1300 in Graves’ disease, showcased BHV-1400’s recognition by the nephrology community and alignment with updated KDIGO 2025 guidelines that prioritize early, Gd-IgA1–targeted intervention, and positioned Biohaven’s degrader portfolio and broader pipeline as a scalable, patient-friendly engine designed to drive near-term clinical catalysts and long-term value for stakeholders in autoimmune and renal disease markets.

The most recent analyst rating on (BHVN) stock is a Sell with a $9.00 price target. To see the full list of analyst forecasts on Biohaven Ltd. stock, see the BHVN Stock Forecast page.

Biohaven Announces $125 Million Targeted Equity Financing

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 with $125 million in gross proceeds before expenses, bolstering its capital position through a sizable, targeted equity raise that underscores ongoing investor appetite for the company’s stock and supports its ability to fund operations and pipeline development.

The most recent analyst rating on (BHVN) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on Biohaven Ltd. stock, see the BHVN Stock Forecast page.

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.