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Biohaven Ltd.(BHVN)

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ADVISORIES YOU CAN VERIFY
QUALITY SIGNAL
1-STAR RATING
PASS
LAST CLOSE
$12.99
09/25/2026
(24-hour delay)

Advisory History & Simulated Performance *

*as per simulation (see disclosures)
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Upturn Advisory & Investor View for BHVN

09/25/2026: BHVN (1-star) is currently NOT-A-BUY. Pass it for now.

Biohaven Ltd. is a clinical-stage biotechnology company that transitioned into a research-focused entity following the successful 2022 sale of its migraine franchise to Pfizer. The company now leverages a robust neuroscience pipeline, anchored by its proprietary Kv7 ion channel platform, to target high-unmet-need neurological and rare diseases. Its primary growth opportunity lies in the potential for breakthroughs in its clinical-stage candidates, supported by a strong initial cash position. However, investors face significant execution risks, as the company currently lacks recurring revenue and depends heavily on clinical trial success. This stock is best suited for speculative investors who monitor clinical data readouts and regulatory updates.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorMixed fitThis is a high-risk, high-reward play based on future clinical development success.
Momentum investorStrong fit while signal remains positiveInvestors may find opportunity during phases of positive clinical trial data announcements.
Value investorWeak fitThe lack of earnings and reliance on speculative R&D makes valuation metrics highly subjective.
Dividend investorWeak fitThe company does not pay dividends and requires all cash for R&D.
Low-risk investorWeak fitThe high volatility and clinical failure risk are unsuitable for risk-averse portfolios.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityHighBiotech stocks are highly sensitive to clinical trial outcomes and market sentiment.
Valuation riskMedium / highValuations are based on long-term projections rather than current cash flow.
Competition risk (Neurology/Rare Disease)HighLarge pharma companies with deeper pockets compete directly in the neuroscience space.
Business qualityMediumThe company has a strong R&D team but currently lacks commercial assets.
Dividend incomeLow / noneNo income is returned to shareholders.
Execution riskHighSuccess depends entirely on the outcome of complex and lengthy clinical trials.

Price Behavior

Rolling Over
PRICE PATH

Rolling Over

The price momentum is slowing down and beginning to turn downward.

Highly Choppy
PRICE STABILITY

Highly Choppy

The stock has experienced frequent, large price swings that make its near-term movement less predictable.

Analysis of Past Performance

Type Stock
Historic Profit 4.37%
Avg. Invested days 35
Today’s Advisory PASS
Upturn Advisory Rating upturn star rating icon
Upturn Advisory Performance Upturn Advisory Performance icon 2.0
Stock Returns Performance Upturn Returns Performance icon 1.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 09/25/2026

Upturn Scorecard

Upturn Star Rating

★★★★★
BHVN receives a 3-star rating, supported by solid company fundamentals, and solid analyst coverage. The rating is constrained by weak unit economics, soft quantitative characteristics, and weak price momentum.

Company Fundamentals

★★★★★
BHVN has solid overall fundamentals (4 stars), with moderate financial health, moderate growth momentum, and strong ownership. In FY2025 versus FY2024, solid earnings growth (+12.7%) is partially offset by soft cash generation (FCF margin 0.0%), slightly negative revenue growth (+0.0%), soft profitability (net margin 0.0%).

Financial Health Rating

★★★★★
BHVN's financial health is supported by strong efficiency, including operating-expense and cost-of-revenue discipline (opex 0.0% of revenue). Profitability is weak (1 stars), which helps explain the 3-star overall score.

Growth Momentum Score

★★★★★
Earnings growth is BHVN's strongest growth driver at +12.7% FY2025 versus FY2024 (solid, 4 stars). By comparison, while revenue growth (+0.0%, slightly negative) and free-cash-flow growth (-4.0%, slightly negative) hold the profile back, so recent growth is not broad-based across the business.

Ownership

★★★★★
Institutional ownership is 96.6% and approximately 77.2% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership of 11.21% supports management-shareholder alignment.

Top 5 Institutional Investors

HHG PLC 11.61%
BlackRock Inc 7.43%
Suvretta Capital Management, LLC 6.81%
Stifel Financial Corp 6.58%
State Street Corp 4.38%

Unit Economics (Per $1K Revenue)

★★★★★
BHVN generates approximately $-0 of gross profit, $-0 of operating income, and $-0 of free cash flow for every $1,000 of revenue. Based on FY2025 results. Strong cash conversion and healthy margins support the rating, although capital efficiency remains below the highest tier.

Economic Dimensions

★★★★★
Effective Tax Rate: -0.20% (Tax Credit)

Quantitative Style Profile

★★★★★
BHVN has a liquid profile. Weak momentum is the primary drawback, while elevated volatility.

Style Classification

Quality Focused

High VolatilitySmall / Mid Cap RiskShort Squeeze RiskHighly Liquid / Institution-Friendly

Key Highlights

Company Size Small-Cap Stock
Market Capitalization 1.96B USD
Price to earnings Ratio -
1Y Target Price 21.27
Price to earnings Ratio -
1Y Target Price 21.27
Volume (30-day avg) 3.5M shares
Beta 3.17
52 Weeks Range 7.48 - 18.57
Updated Date 09/25/2026
52 Weeks Range 7.48 - 18.57
Updated Date 09/25/2026
Dividends yield (FY) -
Basic EPS (TTM) -4.55

How Company Makes Money

Business areaWhat it includesRetail investor read
Research & DevelopmentClinical-stage pipeline assets like Troriluzole and BHV-7000.The company does not generate revenue; its value is tied to the potential future success of its drugs.
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Valuation

Trailing PE -
Forward PE -
Enterprise Value 2.09B
Price to Sales(TTM) -
Enterprise Value 2.09B
Price to Sales(TTM) -
Enterprise Value to Revenue -
Enterprise Value to EBITDA -2.19
Shares Outstanding 151.04M
Shares Floating 116.57M
Shares Outstanding 151.04M
Shares Floating 116.57M
Percent Insiders 11.21
Percent Institutions 96.63

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Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About Biohaven Ltd.

Exchange NYSE
Headquarters New Haven, CT, United States
IPO Launch date 2022-09-23
Chairman & CEO Dr. Vladimir Coric M.D.
Sector Healthcare
Industry Biotechnology
Full time employees 274
Full time employees 274

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 to treat Graves' disease and rheumatoid arthritis; BHV-1400 that is in Phase 2 clinical trial for treating IgA nephropathy; BHV-1600, which is in Phase 1 clinical trial for the treatment of peripartum cardiomyopathy; BHV-8000 that is in Phase 3 clinical trial for treating Parkinson's disease; Opakalim, which is in Phase 3 clinical trial for the treatment of focal epilepsy; BHV-2100 that is in Phase 2 clinical trial for the treatment of pain disorders; and BHV-2000, which is in Phase 2 clinical trial for treating obesity. The company is also developing BHV-1510 that is in Phase 2 clinical trial for the treatment of advanced or metastatic epithelial tumors; and BHV-1530, which is in Phase 2 clinical trial for treating urothelial cancer and other tumors. In addition, its preclinical product pipeline includes BHV-1310 for treating myasthenia gravis; BHV-1320 for treating immune mediated-diseases; BHV-1450 for treating Pemphigus, MuSK MG, and LGI-1 Encephalitis; BHV-1420 for treating membranous nephropathy; BHV-1440 for treating Graves' disease and TED; BHV-6500 for treating type 1 diabetes; BHV-1490 for treating IgM neuropathy and Waldenstrom's; BHV-8100 for treating neurodegenerative diseases; and BHV-1955 for treating tinnitus. The company was formerly known as Biohaven Research Ltd. and changed its name to Biohaven Ltd. in September 2022. Biohaven Ltd. was incorporated in 2022 and is headquartered in New Haven, Connecticut.