Biohaven Ltd (NYSE:BHVN) shares were trading higher on Monday during the premarket session at as high as $12.52, before falling.
The movement comes in reaction to positive data from Xenon Pharmaceuticals Inc.’s (NASDAQ:XENE) Phase 3 X-TOLE2 study of azetukalner in focal onset seizures.
Azetukalner is a novel, potent, KV7 potassium channel opener currently in clinical development for epilepsy and depression.
Investors should note that Biohaven is also developing Opakalim (BHV-7000), a selective activator of Kv7.2/7.3 potassium channels.
The drug candidate is currently in two phase 3 trials for focal and generalized epilepsy, and a phase 2 study for major depressive disorder.
Xenon’s study met its primary endpoint of monthly focal onset seizure frequency reduction, with a placebo-adjusted median percentage change (MPC) of -42.7% in the 25 mg group.
In December 2025, Biohaven reported results from a Phase 2 proof-of-concept study evaluating BHV-7000 for major depressive disorder (MDD).
The study did not meet its primary endpoint, a reduction of depressive symptoms as measured by change in the Montgomery Åsberg Depression Rating Scale (MADRS) over six weeks compared with placebo.
The stock is currently trading 12.5% below its 20-day simple moving average (SMA) and 16.7% below its 50-day SMA, indicating a bearish trend in the short term.
Over the past 12 months, shares have decreased by 64.95%, and they are positioned closer to their 52-week lows than highs.
The RSI is at 36.10, which is considered neutral territory, while the MACD shows a value of -0.3294, below its signal line at -0.1633, indicating bearish pressure on the stock.
The combination of neutral RSI and bearish MACD suggests mixed momentum.
Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $30.36. Recent analyst moves include:
Top ETF Exposure
BHVN Price Action: Biohaven shares were up 0.10% at $9.93 at the time of publication on Monday, according to Benzinga Pro data.
Image via Shutterstock
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