RBC downgrades Biohaven to 'sector perform', shares fall

Biohaven

08/09/2026 10:46

** Shares of drugmaker Biohaven BHVN.N fall 3.4% to $15.2 premarket
** RBC Capital Markets downgrades stock to "sector perform" from "outperform", cuts PT to $19 from $23
** New PT represents 21% upside to stock's last close
** Biohaven's recent Kv7 licensing deal has strengthened its balance sheet and provides funding visibility for future pipeline readouts, but removes key near-term catalysts and limits upside from the program - RBC
** Shares have doubled from earlier-year lows and now appear more fairly valued, brokerage says
** RBC says while it still sees long-term potential in Biohaven's antibody-degrader platform, investors face a higher-risk profile due to limited patient data, less-validated mechanisms and regulatory uncertainties, along with fewer major catalysts over the next 12 months
** Brokerage estimates the Kv7 deal's $350 million upfront payment and additional $50 million due next year could extend Biohaven's cash runway into 2028 and reduce the need for shareholder dilution
** As of last close, shares up 39% YTD

 (Reporting by Siddhi Mahatole)
 ((siddhi.mahatole@thomsonreuters.com))