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    Why Biohaven (BHVN) Is Up 16.2% After New Trop2 ADC Combo Data At ESMO IO 2025 – And What's Next

    Simply Wall St·12/11/2025 17:37:03
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    • Biohaven Ltd. recently presented clinical safety and efficacy data from its novel Trop2-directed antibody-drug conjugate BHV-1510, in combination with Regeneron’s anti-PD-1 cemiplimab, at the 2025 ESMO Immuno-Oncology Congress in London, showing meaningful response rates and manageable safety across several tumor types.
    • The data, including strong objective response rates in non-small cell lung, endometrial, urothelial and triple negative breast cancers, underscores Biohaven’s growing presence in next-generation oncology treatments.
    • We’ll now examine how this BHV-1510 and cemiplimab combination data reshapes Biohaven’s investment narrative, particularly around its oncology pipeline.

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    What Is Biohaven's Investment Narrative?

    For Biohaven, the core belief you need to have as a shareholder is that its broad, high‑risk R&D engine can eventually convert into meaningful, durable products despite heavy losses and ongoing dilution. The new BHV‑1510 plus cemiplimab data sharpens that thesis around oncology, giving Biohaven a more concrete “shots on goal” story to sit alongside its MoDE degrader and neurology programs. In the near term, though, the key catalysts are still clinical readouts and regulatory progress across that portfolio, set against a balance sheet built on fresh equity, negative shareholders’ equity, and no revenue. The strong share price rebound since November suggests the market is treating BHV‑1510 as incrementally positive, but the lock‑up expiry and history of dilution keep financing risk very much in focus.

    However, investors should not overlook how repeated equity raises and lock up expiries affect their stake. The analysis detailed in our Biohaven valuation report hints at an inflated share price compared to its estimated value.

    Exploring Other Perspectives

    BHVN 1-Year Stock Price Chart
    BHVN 1-Year Stock Price Chart
    Five Simply Wall St Community fair value views span roughly US$1.96 to US$19.56, underlining how far apart opinions sit. Set that against Biohaven’s persistent losses and reliance on fresh capital, and it becomes clear why you may want to weigh several different viewpoints before forming your own expectations for its future performance.

    Explore 5 other fair value estimates on Biohaven - why the stock might be worth as much as 85% more than the current price!

    Build Your Own Biohaven Narrative

    Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.