Biohaven Ltd. (BHVN)
NYSE:BHVN
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Biohaven Ltd.
(NYSE:BHVN)
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Rating:54Neutral
Price Target:
$14.00
▲(27.50% Upside)
Action:Reiterated
Date:06/18/26
The score is held back primarily by very weak financial performance (no revenue, large ongoing losses, heavy cash burn, and increased leverage). Offsetting this, technical momentum is positive with the stock trading above major moving averages, and corporate updates around opakalim were favorable with upcoming clinical catalysts; valuation remains challenging due to ongoing losses and no dividend.
Positive Factors
Promising Opakalim Data & Program Progress
Robust proof-of-concept opakalim results showing seizure reductions with low CNS side effects and a planned pivotal Phase 2/3 in 2H 2026 materially strengthen Biohaven’s long-term R&D runway. A differentiated, tolerable asset in epilepsy diversifies revenue potential and elevates strategic optionality beyond migraine franchises if phase results confirm benefit.
Negative Factors
No Revenue and Large Net Losses
The company remains pre-commercial in key programs, reporting zero revenue and substantial recurring losses. Persistent negative earnings constrain internal funding for late-stage trials and commercialization, increasing reliance on external financing and raising execution risk over the next several quarters if clinical success or partnering activity doesn’t translate to revenue generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Promising Opakalim Data & Program Progress
Robust proof-of-concept opakalim results showing seizure reductions with low CNS side effects and a planned pivotal Phase 2/3 in 2H 2026 materially strengthen Biohaven’s long-term R&D runway. A differentiated, tolerable asset in epilepsy diversifies revenue potential and elevates strategic optionality beyond migraine franchises if phase results confirm benefit.
Read all positive factors
Biohaven Ltd. (BHVN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.04B
Dividend YieldN/A
Average Volume (3M)3.01M
Price to Earnings (P/E)―
Beta (1Y)1.66
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. Volume3,906,047
30 Day Avg. Volume3,005,098
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-704.59
Enterprise Value/Ebitda-2.28
Forecast
1Y Price Target
$18.64Price Target Upside69.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
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
10.28
Positive
10.39
Positive
11.57
Positive
Market Momentum
0.80
Negative
70.50
Negative
86.72
Negative
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 11.17, above the 50-day MA of 10.28, and below the 200-day MA of 11.57, indicating a bullish trend. The MACD of 0.80 indicates Negative momentum. The RSI at 70.50 is Negative, neither overbought nor oversold. The STOCH value of 86.72 is Negative, 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 | $2.12B | 7.31 | 64.48% | ― | 20.62% | 696.05% | |
72 Outperform | $2.05B | 94.87 | 6.41% | ― | 22.45% | 602.15% | |
66 Neutral | $3.96B | -22.40 | -32.55% | ― | ― | -7.28% | |
57 Neutral | $1.22B | -50.79 | 45.59% | ― | 21.23% | -174.19% | |
56 Neutral | $2.28B | -4.76 | 123.57% | ― | 75.92% | -569.22% | |
54 Neutral | $2.04B | -3.09 | -866.46% | ― | ― | 39.46% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
BHVN
Biohaven Ltd.
13.57
-0.89
-6.15%
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8.99
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MNKD
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AUPH
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16.46
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EWTX
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36.81
22.51
157.41%
Biohaven Ltd. Corporate Events
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.