# Biohaven Ltd. (BHVN)

> Source: Nexqual · https://nexqual.com/BHVN · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Biohaven Ltd. (BHVN), nexqual.com/BHVN" · informational, not investment advice.

**Price:** USD 16.49 (+6.25% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 15.52 · day 15.46–16.49 · 52w 7.48–18.57 · market cap $2.49B · NYQ

## Key facts
- Analysts: Buy (mean 2.24 on a 1–5 scale) (17 analysts), mean target USD 22.93 (range 10–48).
- Total return with dividends: 1Y -10.8% vs S&P 500 +14.8%; 5Y +131.1% vs S&P 500 +79.1%.
- Next earnings: 2026-10-29, EPS estimate USD 0.16, revenue estimate $50.0M. All companies reporting that day: https://nexqual.com/earnings/2026-10-29
- Dividend: BHVN paid no cash dividend in the last five years.
- Short interest: 15.16% of float (as of 2026-10-15), 7.2 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | -$219M | -$568M | -$436M | -$885M | -$745M | -$567M |
| Net income | -$214M | -$570M | -$408M | -$846M | -$739M | -$587M |
| EPS (diluted) | -$5.43 | -$12.75 | -$5.73 | -$9.28 | -$6.86 | — |
| Free cash flow | -$147M | -$304M | -$335M | -$587M | -$610M | -$512M |
| Cash + short-term investments | $76.1M | $465M | $382M | $486M | $319M | — |
| Total debt | — | — | — | $0K | $239M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 203.8x · FCF yield -20.55% · Earnings yield -23.56% · Net cash $8.4M · EV $2.48B

## Analysts
Consensus Buy (mean 2.24 on a 1–5 scale), 17 analysts; mean target USD 22.93 (low 10, high 48).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-23 | RBC Capital | Target raised | Sector Perform | $19 → $22 |
| 2026-09-10 | HC Wainwright & Co. | Reiterated | Neutral | $10 |
| 2026-09-08 | RBC Capital | Downgrade | Outperform → Sector Perform | $23 → $19 |
| 2026-08-12 | Morgan Stanley | Target raised | Overweight | $18 → $19 |
| 2026-08-11 | RBC Capital | Target raised | Outperform | $22 → $23 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2022-09-19) |
|---|---|---|
| Total return | -10.8% | +131.1% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -10.8% | +22.6% |
| Volatility (annualized) | 97.2% | 88.7% |
| Max drawdown | -55.2% (Oct 2025→Nov 2025) | -85.8% (Mar 2024→Nov 2025) |

## Dividends
BHVN paid no cash dividend in the last five years.

## Short interest
17,899,310 shares sold short, 15.16% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 20,449,005 shares (-12.5%). Days to cover: 7.2 (short shares ÷ average daily volume).

## Peers (Biotechnology)
ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · KOD (Kodiak Sciences Inc) USD 100.4 +3.46% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/BHVN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.16 | $-0.57 | +$0.73 | $50.0M | 6 |
| Next quarter (ends 2026-12-31) | $-0.13 | $-0.49 | +$0.36 | $80.7M | 6 |
| Current fiscal year (ends 2026-12-31) | $-1.30 | $-2.41 | +$1.11 | $122.0M | 6 |
| Next fiscal year (ends 2027-12-31) | $-1.74 | $-1.94 | +$0.20 | $65.0M | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±18.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 89.1% | ±18.2% |
| 2026-12-18 | 50 | 91.1% | ±27.7% |
| 2027-01-15 | 78 | 92.7% | ±35.1% |
| 2027-02-19 | 113 | 87.7% | ±39.9% |
| 2027-03-19 | 141 | 99.1% | ±49.7% |
| 2027-04-16 | 169 | 86.9% | ±47.8% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.78 | −$0.61 | Miss −27.9% | — |
| — | Quarter ended Mar 31, 2026 | −$0.69 | −$0.76 | Beat +9.2% | — |
| — | Quarter ended Dec 31, 2025 | −$0.90 | −$0.96 | Beat +6.3% | — |
| — | Quarter ended Sep 30, 2025 | −$1.47 | −$1.54 | Beat +4.5% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).