Biohaven Ltd (NYSE:BHVN) stock is down 3.2% to trade at $10.46 at last glance, amid reports that the biopharmaceutical name's drug to treat major depressive disorder did not meet the primary goal of a phase 2 trial.
The shares have struggled with overhead pressure at $12 for the past several weeks, after spending all year downtrending to a Nov. 11, three-year low of $7.49. So far in 2026, BHVN has shed over 70%.
The stock looks overdue for a round of bear notes, as 11 of the 18 analysts in question still sport a "strong buy" rating, while the 12-month consensus target price of $19.80 is now an 83.2% premium to current levels.
Despite limited absolute volume, options traders prefer calls. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open 7,974 calls in the past two weeks, compared to 2,150 puts.
Drilling down to today's options activity, though, puts are more popular. At last check, 2,105 calls and 3,034 puts have already traded hands, volume that's seven times the intraday average amount. Most active is the January 16, 2026 10-strike put.
