Biohaven
Develops prioritized drug programs in epilepsy, immunology, and obesity.
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Profile
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
Key statistics
Year to date +42.1% · Average volume (30d) 2.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 28, 2026 | Canaccord Genuity | Target | $21 | |||
| Aug 26, 2026 | Raymond James | Reiterate | Strong Buy | $30 | ||
| Aug 12, 2026 | Morgan Stanley | Reiterate | Overweight | $18 | $19 | |
| Jun 29, 2026 | Needham | Target | $11 | |||
| Jun 29, 2026 | Bank of America Securities | Downgrade | Buy | Underperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | −$0.76 | −$0.91 | −19.6% | $490.5K | — | — | −0.34% |
| May 4, 2026Q1 FY26 | −$0.86 | −$0.88 | −2.3% | $267.4K | — | — | −4.24% |
| Mar 2, 2026Q4 FY25 | −$1.22 | −$1.21 | +0.8% | $400.0K | — | — | −9.65% |
| Nov 10, 2025Q3 FY25 | −$1.91 | −$1.64 | +14.1% | $375.1K | — | — | +9.37% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | $0 | $0 | −$1.1M | −$960.0K | $0 | $0 | |
| Operating income | −$221.6M | −$211.7M | −$169.4M | −$142.7M | −$130.4M | −$124.9M | |
| Net income | −$221.7M | −$198.1M | −$173.4M | −$145.6M | −$130.5M | −$137.3M | |
| Diluted EPS | −$2.17 | −$1.94 | −$1.64 | −$1.21 | −$0.88 | −$0.91 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY21 $136.8M · FY22 $0 · FY23 $0 · FY24 $0 · FY25 $0
Balance sheet, Jun 30, 2026Cash & short-term investments $267.9M · Total debt $297.0M · Total assets $370.7M · Shareholders' equity $12.2M
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 150.56M · Float 123.75M · 82.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Janus Henderson Group PLC | 17.53M | 11.70% | 13G | May 15, 2026 |
| BlackRock, Inc. | 13.21M | 8.77% | 13F | Aug 7, 2026 |
| Suvretta Capital Management, LLC | 10.29M | 6.83% | 13F | Aug 14, 2026 |
| Stifel Financial Corp | 9.94M | 6.60% | 13F | Aug 12, 2026 |
| Jupiter Topco LLC | 8.58M | 5.70% | 13F | Aug 14, 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 |
Peers
- 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
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Biohaven | $15.16 | −1.56% | $2.32B | — | — | — | — |
| Xenon Pharmaceuticals | $59.99 | 0.00% | $5.80B | — | — | — | — |
| Immunovant | $40.58 | −1.48% | $8.50B | — | — | 1,198.6 | — |
| Vera Therapeutics | $33.91 | −0.76% | $2.45B | — | — | — | — |
| Travere Therapeutics | $65.49 | −0.24% | $6.11B | — | 33.5 | 10.3 | +48.2% |
| Novartis (ADR) | $153.81 | 0.00% | $292.35B | 23.2 | 16.4 | 5.3 | +0.9% |
| Scholar Rock | $57.80 | 0.00% | $6.93B | — | — | — | — |
| Regeneron | $793.21 | −0.11% | $81.82B | 19.6 | 13.1 | 5.3 | +16.7% |
| Median | 21.4 | 16.4 | 7.8 | +16.7% |