Biohaven Ltd (BHVN) – A Beaten-Down Biotech with Big Catalysts in 2026
Biohaven has had a rough stretch over the past year, with shares falling around 70% from their highs. But with the stock now trading around $12, it may be offering a compelling entry point ahead of several major 2026 milestones.
At the heart of the opportunity is Biohaven’s kidney disease candidate BHV-1400, a degrader targeting IgA nephropathy (IgAN) — a chronic autoimmune disease that affects kidney function. This drug could be a standout if the early data holds up, thanks to a potentially differentiated mechanism that avoids the immunosuppressive side effects seen in other treatments. That’s a big deal in a market that Goldman Sachs estimates to be worth more than $40 billion in the U.S. alone.
Biohaven plans to initiate a pivotal trial for BHV-1400 in early 2026, which could bring a major wave of new investor interest. But that’s not the only catalyst. The company is also developing opakalim, a Kv7 channel activator targeting focal onset epilepsy (FOS) — a large market with over 1.8 million U.S. patients, where about a third are still uncontrolled on current meds. Biohaven expects to report pivotal data on opakalim in the second half of 2026.
While the company is still clinical-stage and therefore high risk, its pipeline is broad, its lead assets are moving into late-stage development, and investor expectations are low after a year of steep declines.
Goldman Sachs recently initiated coverage with a Buy rating and a $23 price target, nearly double the current trading price. Their thesis rests heavily on the potential of BHV-1400 in IgAN, but they also highlight the epilepsy program as a meaningful secondary driver.
For investors who can tolerate volatility and want exposure to biotech with significant upside tied to near-term clinical catalysts, Biohaven is worth a closer look.
