Biohaven (BHVN)
Develops prioritized drug programs in epilepsy, immunology, and obesity.
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Develops clinical-stage medicines across Kv7 epilepsy, extracellular protein degradation, and myostatin-activin biology. The current issuer is the post-Pfizer spin-off of Biohaven's non-CGRP pipeline, with no marketed product identified in context and one operating segment.
Develops clinical-stage therapies through three priority areas: Kv7 ion-channel modulation for epilepsy, MoDE/TRAP extracellular protein degradation for immunological diseases, and myostatin-activin pathway inhibition. The current company holds the non-CGRP development pipeline separated before Pfizer acquired the predecessor Biohaven migraine business.
Operates as a single segment with work centered on investigational programs rather than marketed products. Priority programs include opakalim for focal epilepsy, BHV-1300 for Graves' disease, BHV-1400 for IgA nephropathy, and taldefgrobep alfa for obesity.
The practical U.S. office is in New Haven while incorporation is in the British Virgin Islands. Execution depends on clinical data, regulatory review, funding access, and portfolio focus after the VYGLXIA Complete Response Letter.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 8, 2026 | RBC Capital | Downgrade | Target: $22 | Target: $19 |
| Aug 28, 2026 | Canaccord Genuity | Target | Target: — | Target: $21 |
| Aug 26, 2026 | Raymond James | Reiterate | Rating: —Target: — | Target: $30 |
| Aug 12, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $18 | Target: $19 |
| Jun 29, 2026 | Needham | Target | Target: — | Target: $11 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $267.9M · Total debt $297.0M · Total assets $370.7M · Shareholders' equity $12.2M
- Revenue
- $0
- Operating income
- −$124.9M
- Net income
- −$137.3M
No dividends on record.
| Institutions | 94.16% | 142.23M shares | |
|---|---|---|---|
| 310 holders · as of Jun 30, 2026 | |||
| Insiders | 3.31% | 5.00M shares | |
| 8 holders · as of Jul 17, 2026 | |||
| Strategic holders | 11.61% | 17.53M shares | |
| 1 holder · as of May 15, 2026 | |||
| Adds to | 109.08% | ||
151.04M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
These groups come from separate filings that can overlap, so they add to 109.08%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Janus Henderson Group PLCStrategic | 11.61% | 17.53M | filed May 15, 2026 |
BlackRock, Inc.Institution | 8.75% | 13.21M | as of Jun 30, 2026 |
Suvretta Capital Management, LLCInstitution | 6.81% | 10.29M | as of Jun 30, 2026 |
Stifel Financial CorpInstitution | 6.58% | 9.94M | as of Jun 30, 2026 |
Jupiter Topco LLCInstitution | 5.68% | 8.58M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 4, 2025 | John W. Childs | director | +28,400 | $30.43 |
| Nov 17, 2025 | George C. Clark | officer: VP, Chief Accounting Officer | +17,000 | $8.52 |
| Nov 13, 2025 | Vlad Coric | director, officer: Chief Executive Officer | +333,333 | $7.50 |
| Nov 13, 2025 | John W. Childs | director | +3,333,333 | $7.50 |
| Nov 13, 2025 | Gregory Bailey | director | +400,000 | $7.50 |
- Xenon Pharmaceuticals
Closest Kv7 epilepsy peer with late-stage azetukalner
- Immunovant
Direct Graves' disease immunology rival through FcRn blockade
- Vera Therapeutics
Late-stage IgA nephropathy peer with atacicept
- Travere Therapeutics
Commercial IgAN incumbent with FILSPARI
- Novartis (ADR)
IgAN competitor through Fabhalta and renal immunology scale
- Scholar Rock
Selective myostatin peer in obesity and muscle preservation
- Regeneron
Large-cap obesity muscle-preservation competitor
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Biohaven | $14.52 | +2.07% | $2.14B | — | — | — | — |
| Xenon Pharmaceuticals | $38.78 | −0.55% | $3.77B | — | — | — | — |
| Immunovant | $37.33 | +0.41% | $7.67B | — | — | 1,081.6 | — |
| Vera Therapeutics | $35.78 | +4.45% | $2.46B | — | — | — | — |
| Travere Therapeutics | $60.66 | −3.50% | $5.85B | — | 30.6 | 9.9 | +48.2% |
| Novartis (ADR) | $141.30 | +0.23% | $267.96B | 21.3 | 15.0 | 4.8 | +0.9% |
| Scholar Rock | $50.72 | +5.31% | $5.77B | — | — | — | — |
| Regeneron | $808.50 | +1.29% | $82.23B | 19.7 | 13.3 | 5.3 | +16.7% |
| Median | 20.5 | 15.0 | 7.6 | +16.7% |