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Biohaven Ltd.
(NYSE:BHVN)
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Rating:45Neutral
Price Target:
$14.50
▲(0.83% Upside)
Action:Reiterated
Date:09/11/26
The score is primarily held down by weak financial performance (large losses, heavy cash burn, and a highly stressed balance sheet with sharply higher debt and minimal equity). Technical indicators are neutral-to-mixed and do not offset the fundamental risk. Corporate events provide some support via a large non-dilutive licensing payment, but this is tempered by the partial FDA clinical hold. Valuation support is limited given a negative P/E and no dividend yield data.
Positive Factors
Non-dilutive licensing funding
The $400 million non-dilutive payment provides substantial funding without immediate equity issuance, while milestone and royalty rights preserve future participation. This can extend runway, reduce financing pressure, and support continued investment across Biohaven’s development pipeline.
Negative Factors
Extremely weak balance sheet
The sharp rise in debt alongside an almost depleted equity cushion leaves Biohaven financially fragile. Extremely high leverage can restrict strategic flexibility, increase refinancing demands, and heighten the risk that future funding needs require dilutive equity issuance.
Read all positive and negative factors
Positive Factors
Negative Factors
Non-dilutive licensing funding
The $400 million non-dilutive payment provides substantial funding without immediate equity issuance, while milestone and royalty rights preserve future participation. This can extend runway, reduce financing pressure, and support continued investment across Biohaven’s development pipeline.
Read all positive factors
Biohaven Ltd. (BHVN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.96B
Dividend YieldN/A
Average Volume (3M)3.30M
Price to Earnings (P/E)―
Beta (1Y)1.64
Revenue GrowthN/A
EPS Growth39.33%
CountryUS
Employees274
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-4.64
Shares Outstanding151,043,780
10 Day Avg. Volume2,132,998
30 Day Avg. Volume3,300,446
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 Cap1.16
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit-1.10K
Enterprise Value/Ebitda-3.95
Forecast
1Y Price Target
$19.63Price Target Upside36.47% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)-2.72
Revenue Forecast (FY)$80.77M
Biohaven Ltd. Business Overview & Revenue Model
Company Description
Biohaven Ltd., a biopharmaceutical company, focuses on the discovery, development, and commercialization of treatments for immunology, neuroscience, and oncology therapeutic areas worldwide. It develops BHV-1300, which is in Phase 2 clinical trial...
How the Company Makes Money
Biohaven’s revenue model (where disclosed) has historically been driven primarily by collaboration and licensing economics rather than broad, internally built commercial product sales. Key ways the company has made money include: (1) Upfront payme...
Biohaven Ltd. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
12
Very Negative
Cash Flow
16
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 | -574.94M | -727.46M | -837.83M | -402.64M | -568.46M | -211.04M |
| Net Income | -586.84M | -738.82M | -846.42M | -408.17M | -570.28M | -213.80M |
Balance Sheet | ||||||
| Total Assets | 370.74M | 451.45M | 615.11M | 513.21M | 661.78M | 142.06M |
| Cash, Cash Equivalents and Short-Term Investments | 267.87M | 319.14M | 485.99M | 381.82M | 465.34M | 76.06M |
| Total Debt | 297.04M | 284.61M | 36.58M | 30.88M | 33.60M | 2.80M |
| Total Liabilities | 358.52M | 399.38M | 191.67M | 85.24M | 123.01M | 47.37M |
| Stockholders Equity | 12.22M | 52.07M | 423.44M | 427.98M | 538.77M | 34.69M |
Cash Flow | ||||||
| Free Cash Flow | -511.87M | -610.15M | -586.50M | -334.77M | -338.76M | -146.78M |
| Operating Cash Flow | -511.39M | -609.44M | -582.45M | -331.73M | -297.69M | -145.84M |
| Investing Cash Flow | 211.26M | 300.56M | -244.97M | 129.83M | -304.79M | 944.00K |
| Financing Cash Flow | 371.73M | 439.12M | 677.77M | 211.91M | 767.60M | 138.45M |
Biohaven Ltd. Technical Analysis
Negative
14.38
Price Trends
14.07
Negative
13.47
Negative
12.05
Positive
Market Momentum
-0.35
Positive
43.79
Neutral
21.10
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 14.38 is above the 20-day moving average (MA) of 13.38, above the 50-day MA of 14.07, and above the 200-day MA of 12.05, indicating a neutral trend. The MACD of -0.35 indicates Positive momentum. The RSI at 43.79 is Neutral, neither overbought nor oversold. The STOCH value of 21.10 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
62 Neutral | $1.52B | -21.52 | -20.86% | ― | ― | -33.76% | |
59 Neutral | $1.61B | -2.08 | -398.21% | ― | ― | -99.37% | |
53 Neutral | $1.54B | -10.25 | -29.02% | ― | ― | -23.53% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | $1.96B | -2.60 | -1328.94% | ― | ― | 39.33% | |
45 Neutral | $942.20M | -9.55 | -46.46% | ― | ― | -3.04% |
* Healthcare Sector Average
BHVN
Biohaven Ltd.
12.08
-2.94
-19.57%
CMPS
COMPASS Pathways
11.56
5.32
85.26%
GHRS
GH Research
21.52
8.43
64.40%
ANRO
Alto Neuroscience, Inc.
23.69
17.75
298.82%
RAPP
Rapport Therapeutics, Inc.
31.15
4.71
17.81%
SPTX
Seaport Therapeutics, Inc.
17.37
-2.47
-12.45%
Biohaven Ltd. Corporate Events
Business Operations and StrategyLegal Proceedings
Biohaven faces partial FDA hold on BHV-7000 program
Negative
Sep 10, 2026
In January 2024, Biohaven completed its End-of-Phase 2 meeting with the U.S. FDA for BHV-7000, cleared the program to advance into Phase 3, and began enrolling patients in two pivotal randomized, double-blind, placebo-controlled trials in refracto...
Business Operations and StrategyPrivate Placements and Financing
Biohaven Licenses Kv7 Epilepsy Platform to SK Biopharmaceuticals
Positive
Aug 26, 2026
On August 26, 2026, Biohaven Bioscience Ireland Limited, a subsidiary of Biohaven Ltd., entered into a strategic global licensing and collaboration agreement with SK Biopharmaceuticals for Biohaven’s Kv7 ion channel platform, led by the epil...
Executive/Board Changes
Biohaven Appoints John Yetimoglu to Board of Directors
Positive
Aug 7, 2026
On August 3, 2026, Biohaven Ltd.’s board appointed John Yetimoglu as a director, effective August 6, 2026, placing him in the director class whose term runs until the 2027 annual shareholder meeting and naming him to the Nominating and Gover...
Business Operations and StrategyExecutive/Board Changes
Biohaven Revamps Scientific Leadership to Drive Discovery
Positive
Jul 9, 2026
On July 9, 2026, Biohaven announced a series of scientific leadership changes effective July 13, 2026, aimed at bolstering its drug discovery and collaboration capabilities. Chief Scientific Officer Bruce Car is retiring from that post and moving ...
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.