What Caused Biohaven (BHVN) Shares To Drop More Than 16% After Hours?

by | Dec 25, 2025 | General

Biohaven Ltd. (NYSE:BHVN) shares dropped 16.19% in after-hours trading to $9.06 on Wednesday after the company reported that its Phase 2 depression drug trial missed its primary endpoint.

Check out the current price of BHVN stock here.

The stock closed regular session at $10.81, up 2.95%, according to Benzinga Pro data.

Trial Misses Primary Endpoint

The biopharmaceutical company announced BHV-7000, an investigational drug for major depressive disorder, failed to achieve a reduction in depressive symptoms versus placebo in the six-week study, measured by the Montgomery Åsberg Depression Rating Scale.

According to Biohaven, trends favoring BHV-7000 were seen in subgroups with more severe depression at screening and baseline, on both primary and secondary outcome measures.

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Safety Profile Maintained

BHV-7000 was well-tolerated, with mostly mild adverse events.

Headache occurred in 10.7% of BHV-7000 patients and 9.9% of placebo patients, while nausea occurred in 4.2% and 5.6%, respectively.

Strategic Shift

“The results do not support the efficacy of BHV-7000 in a broad population of depressed patients,” said Dr. Ahmed Tahseen, Development Lead for Depression at Biohaven.

The company said it is considering halting psychiatric trials and redirecting resources toward immunology, obesity, and epilepsy in 2026.

Management will also present clinical program updates at the J.P. Morgan Healthcare Conference in January, including data on extracellular degrader programs and its Phase 2b obesity study.

Trading Metrics, Technical Analysis

Biohaven has a relative strength index (RSI) of 50.35, a market capitalization of $1.43 billion, and a 52-week trading range of $7.48 to $44.28.

Over the past 12 months, Biohaven Ltd. has dropped 70.32%, highlighting significant long-term weakness and challenges in regaining momentum.

Currently, the stock is trading about 9.1% above its 52-week low, indicating it is near its lows. This positioning suggests a lack of buying interest and potential for further downside.

Benzinga’s Edge Stock Rankings indicates BHVN stock has a negative price trend across all time frames. Here is how the stock fares on other parameters.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.