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    Biohaven (BHVN) Is Down 5.9% After Strong Early BHV-1510 Combo Data - Has The Bull Case Changed?

    Simply Wall St·12/21/2025 11:10:31
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    • In December 2025, Biohaven Ltd. reported at the ESMO Immuno-Oncology Congress that its Trop2-directed antibody drug conjugate BHV-1510, combined with Regeneron’s anti-PD-1 cemiplimab, showed encouraging safety and efficacy signals across several solid tumors, including non-small cell lung, endometrial, urothelial, and triple negative breast cancers.
    • The early-stage data, including a confirmed objective response rate above half in evaluable patients and durable participation beyond six months, positions BHV-1510 as a potentially important addition to Biohaven’s oncology pipeline.
    • We’ll now look at how these early but strong BHV-1510 combination results could influence Biohaven’s investment narrative and pipeline outlook.

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    What Is Biohaven's Investment Narrative?

    To own Biohaven here, you have to believe that its broad neurology and immunology pipeline can convert into real products before the cash burn and dilution take too big a toll. The new BHV-1510 data strengthens the “platform” story by adding a credible oncology pillar to the mix, and it could shift near term attention from the binary FDA decision on troriluzole and the pivotal BHV-2100 migraine readout toward a longer runway in solid tumors. That said, BHV-1510 is still early, so the more immediate share price drivers look unchanged: regulatory outcomes, pivotal trial progress and Biohaven’s ability to fund multiple late stage programs while it has no revenue, rising losses of over US$780.11 million and a share price that has already fallen about 70% in a year.

    However, that expanding pipeline comes with one particular financing risk investors should not ignore. Insights from our recent valuation report point to the potential overvaluation of Biohaven shares in the market.

    Exploring Other Perspectives

    BHVN 1-Year Stock Price Chart
    BHVN 1-Year Stock Price Chart
    Five fair value views from the Simply Wall St Community span roughly US$1.98 to US$19.80, underlining how differently people are sizing up Biohaven’s upside. Set that against the concentration of risk in upcoming regulatory decisions and ongoing cash burn, and it is clear why taking in several perspectives before forming your own view on the stock’s prospects makes sense.

    Explore 5 other fair value estimates on Biohaven - why the stock might be worth less than half the current price!

    Build Your Own Biohaven Narrative

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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.