William Blair Maintains Bullish Stance on Biohaven (BHVN), Sees Robust Operational Growth

Biohaven Ltd. (NYSE:BHVN) is one of the best small-cap biotech stocks to buy according to analysts.

On November 11, 2025, William Blair kept its “Market Perform” rating. The investment firm sees the FDA’s Complete Response Letter (CRL) for Vyglxia as a key driver for pipeline reprioritization. The firm also cited the company’s projection of a 60% reduction in direct spend on non-priority assets. William Blair believes the company’s late-stage programs remain key growth catalysts in the short and medium term.

Biohaven Ltd. (NYSE:BHVN) reported Q3 2025 results on November 10, 2025. The quarter saw a net loss of $173.4 million, or $1.64 per share, compared to a net loss of $160.3 million in Q3 2024. However, non-GAAP net loss saw improvement, reaching $155.9 million, or $1.47 per share, driven by reductions in non-priority program spending and ongoing cost management. The company faced revenue pressures during the quarter, marked by the partial pause of Vyglxia-related activities and the focus on select pipeline assets.

Biohaven Ltd. (NYSE:BHVN) closed the quarter with $263.8 million in cash balances, even though expenses remained high. The company also reported a decline in R&D expenses, bringing them down from $157.6 million in Q3 2024 to $141.2 million. The focus shifted toward opakalim, TRAP/MoDE degraders, and taldefgrobep alfa. Meanwhile, general and administrative expenses reached $28.2 million, driven by higher share-based compensation and legal expenses.

Biohaven Ltd. (NYSE:BHVN) is focused on discovering, developing, and commercializing therapies across immunology, neuroscience, and oncology.

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