Biohaven

BHVN · NYSE

$11.81+$0.46 (+4.05%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $11.35

BHVN analyst rating

HoldConsensus of 11 analysts over the last 12 months. 45% rate it a buy.

Strong buy0
Buy5
Hold5
Underperform1
Sell0

12-month price target · 17 analysts

Average $22.22 (+88.2% upside)

Low: $10.10
Now: $11.81
High: $44.10

Upgrades and downgrades

The latest rating actions, newest first

BHVN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
HC Wainwright & Co.	Sep 10, 2026	Maintains	Neutral	$10.00	50%
RBC Capital	Sep 8, 2026	Downgrade	Outperform → Sector Perform	$23.00 → $19.00	49%
Morgan Stanley	Aug 12, 2026	Maintains	Overweight	$18.00 → $19.00	63%
RBC Capital	Aug 11, 2026	Maintains	Outperform	$22.00 → $23.00	49%
B of A Securities	Jun 29, 2026	Downgrade	Neutral → Underperform	$12.00 → $11.00	56%
HC Wainwright & Co.	May 26, 2026	Maintains	Neutral	$10.00	50%
Morgan Stanley	May 13, 2026	Maintains	Overweight	$21.00 → $18.00	63%
RBC Capital	May 5, 2026	Maintains	Outperform	$23.00 → $22.00	49%
Citigroup	Apr 2, 2026	Maintains	Buy	$14.00 → $17.00	36%
TD Cowen	Mar 11, 2026	Maintains	Buy	$15.00 → $30.00	49%

The case for and against

Updated Oct 21, 2026

Bull case

Biohaven is attractive on a fundamental basis because its broad, science-driven pipeline spans neuroscience, immunology, and oncology, giving it multiple shots on goal in large unmet-need markets. The company also appears to have meaningful balance-sheet support and operating discipline, with $350M upfront and $50M next year from the Kv7 deal, $270M in cash, and a runway that could last into ’27 while near-term spend on Kv7 development and sales infrastructure is reduced. Its outlook is further strengthened by encouraging clinical safety across more than 1,200 participants, a potentially differentiated degrader platform, and sizable long-term opportunities such as the estimated $4B Graves and IgAN opportunity by 2035.

Bear case

Biohaven is fundamentally challenged by a partial clinical hold on BHV-7000 that pauses new enrollment, delays the NDA-linked program, and allows Xenon to extend its lead in Kv7 epilepsy. The company has no approved assets, generates no revenue, and will likely need additional financing, while the expected $404M in 2035 risk-adjusted revenue is still highly contingent on successful clinical development and differentiation. Although the pipeline is broad, setbacks in near-term phase 3 readouts, higher spend across multiple modalities, and reimbursement uncertainty could undermine commercialization and reinforce downside risk.

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