This $8.9 Million Purchase Focuses on a Stock That Has Fallen 68% and Holds $322 Million in Cash

DAFNA Capital Management Increases Stake in Biohaven

On February 17, 2026, DAFNA Capital Management disclosed to the SEC that it had acquired 720,000 additional shares of Biohaven (NYSE:BHVN). This purchase, calculated using the average price for the quarter, was valued at approximately $8.92 million.

Details of the Transaction

According to the SEC filing, DAFNA Capital Management expanded its Biohaven holdings by 720,000 shares during the last quarter of 2025. The estimated value of this acquisition was $8.92 million, based on the average share price for the period. By the end of the quarter, the total value of DAFNA’s Biohaven position had grown to $10.78 million, an increase of $7.25 million from the previous quarter. This rise reflects both the new shares added and changes in Biohaven’s stock price.

Key Takeaways

• Following this purchase, Biohaven now accounts for 2.51% of DAFNA’s reportable U.S. equity portfolio.
• DAFNA’s top five holdings after this filing are:
  • NASDAQ:RVMD – $48.15 million (11.3% of assets under management)
  • NYSEMKT:XBI – $41.03 million (9.7% of AUM)
  • NYSEMKT:STXS – $31.47 million (7.4% of AUM)
  • NASDAQ:ATRC – $23.63 million (5.6% of AUM)
  • NASDAQ:CYTK – $23.57 million (5.5% of AUM)
• As of the most recent Friday, Biohaven’s share price stood at $8.93, representing a 68% decline over the past year. This performance is well below that of the S&P 500, which rose about 15% during the same timeframe.

Biohaven at a Glance

About Biohaven

• Biohaven is focused on developing therapies in clinical stages for neurological and immunological diseases. The company has not yet brought any products to market or generated revenue as of the latest report.
• The company’s strategy centers on advancing its proprietary drug pipeline toward regulatory approval, with the goal of future commercialization or strategic partnerships.
• Once its products are approved, Biohaven expects its main customers to include healthcare professionals, hospitals, and specialty clinics treating neurological and immune disorders.

Biohaven is a biotech firm dedicated to creating innovative treatments for neurological and immunoscience conditions. By leveraging its scientific strengths, the company is working to advance a portfolio of clinical-stage assets, aiming to address unmet medical needs and improve outcomes for patients. Biohaven’s approach emphasizes innovation and differentiation, seeking to carve out a strong position in the market through targeted research and development.

Implications for Investors

This type of investment move suggests a focus on Biohaven’s future prospects rather than its recent performance. Despite the stock’s nearly 70% drop over the last year, the company has been restructuring its priorities and operations.

Management has taken significant steps to reduce expenses and concentrate on three late-stage programs, with important clinical results expected this year in areas such as epilepsy, immunology, and obesity. These strategic changes are more significant than the headline losses. Although Biohaven reported a net loss of about $739 million last year, this reflects a company in the midst of transformation.

Additionally, Biohaven’s financial position is stronger than its share price might suggest, with approximately $322 million in cash at the end of the year and further capital raised since then. For DAFNA, this investment appears to be a calculated bet on the potential for substantial gains if any of the late-stage programs succeed, rather than a core holding.

Is Now the Right Time to Invest in Biohaven?

Before making an investment in Biohaven, consider the following:

*Stock Advisor returns as of March 21, 2026.