Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Biohaven Ltd (BHVN)

270 + Investors. Track Smart Money conviction in BHVN. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -6
Streak
1Q ▼
Buyers last Q
60%

Smart Money Signals — BHVN

Based on 271 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, more hedge funds reduced or closed their BHVN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
🏔️

At the ownership peak (98% of max)

98% of all-time peak
271 hedge funds hold BHVN right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
📶

Steady growth — +4% more funds vs a year ago

fund count last 6Q
+10 new funds entered over the past year (+4% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟢

More buyers than sellers — 60% buying

168 buying110 selling
Last quarter: 168 funds were net buyers (41 opened a brand new position + 127 added to an existing one). Only 110 were sellers (63 trimmed + 47 sold completely). A clear majority buying is a strong confirmation signal.
⚠️

Fewer new buyers each quarter (-36 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 43 → 48 → 77 → 41. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

55% of holders stayed for 2+ years

■ 55% conviction (2yr+) ■ 22% medium ■ 23% new
149 out of 271 hedge funds have held BHVN for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares +14%, value -14%

Value
-14%
Shares
+13%
Last quarter: funds added +14% more shares while total portfolio value only changed -14%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈

Growing discovery — still being found

47 → 43 → 48 → 77 → 41 new funds/Q
New funds entering each quarter: 43 → 48 → 77 → 41. A growing number of institutions are discovering BHVN each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 65% veterans vs 24% newcomers

■ 65% veterans ■ 11% 1-2yr ■ 24% new
Entry-cohort mix of 286 holders: 185 (65%) are 2+ year veterans, 31 entered 1–2 years ago, and 70 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅

Strong quality — 36% AUM from major funds

36% from top-100 AUM funds
46 of 269 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.6
out of 10
Low Exit Risk
Exit risk score 3.6/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — BHVN

In 2026 Q1, 168 hedge funds were net buyers of BHVN (41 opened a new position, 127 added to an existing one), while 110 reduced or exited (63 trimmed, 47 sold completely) — a 60% buyer ratio, indicating clear institutional accumulation. 36% of total institutional value in BHVN is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -6 funds (more exits than new entries). Total institutional holders: 271.

Hedge Fund Ownership: BHVN

How many hedge funds hold BHVN — quarterly history vs. share price
Quarterly hedge fund ownership of BHVN vs. share price

Market Analysis: BHVN

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: BHVN

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Biohaven Ltd (BHVN) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much BHVN has moved relative to its sector benchmark (XLV) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 78d ago
BHVN
+60.6%
XLV
+3.0%

BHVN outperformed XLV by +57.6% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 33d ago
BHVN
+55.1%
XLV
+4.1%

Since the filing became public, BHVN outperformed XLV by +51.0% .

Interpretation: The stock has significantly outperformed its sector benchmark — the original entry opportunity has largely been captured by earlier investors. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

28 top-rated funds 4 high-conviction
Consensus
6.3
/ 10
breadth
×
Elite
3.5
/ 10
conviction
Hedge Fund Positioning: BHVN
270 + Investors

Track Smart Money conviction in BHVN. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 270 277 -2.53%
13F Shares 147M 129M 13.89%
Total Value $1.23B $1.43B -14.33%
New Positions 40 77 -37
Increased Positions 118 117 +1
Closed Positions 47 65 -18
Reduced Positions 62 58 +4
Total Calls 11 18 -38.89%
Total Puts 6 12 -50.0%
PUT/CALL Ratio 0.55 0.67 Bullish

Statistics: BHVN

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
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Price/Book (mrq) --
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Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

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Total Cash (mrq) --
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Institutional Holders (2026 Q1)

270 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in BHVN. Verified SEC 13F-HR filings.

QUARTER:
Top 25 BHVN holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 Royalty Pharma Sub-Manager, LLC 19.35% 2,936,507 $33.2M
2 Knoll Capital Management, LLC 10.93% 2,328,602 $19.7M
3 Infinitum Asset Management, LLC 6.60% 6,250,000 $52.9M
4 Sarissa Capital Management LP 3.02% 563,184 $4.8M
5 Stempoint Capital LP 2.62% 1,594,491 $13.5M
6 Lion Point Capital, LP 2.61% 51,700 $437K
7 Suvretta Capital Management, LLC 2.22% 10,286,937 $87.0M
8 Pfizer Inc 1.77% 505,645 $4.2M
9 5AM Venture Management, LLC 1.74% 738,972 $6.3M
10 MYDA Advisors LLC 1.70% 1,225,000 $10.4M
11 DAFNA Capital Management LLC 1.63% 845,735 $7.2M
12 QTR Family Wealth, LLC 1.46% 335,980 $3.5M
13 Sio Capital Management, LLC 1.41% 1,163,926 $9.8M
14 TCG Crossover Management, LLC 1.12% 4,631,317 $39.2M
15 Sphera Funds Management LTD. 0.80% 594,000 $5.0M
16 Cormorant Asset Management, LP 0.75% 1,760,000 $14.9M
17 ARS Investment Partners, LLC 0.61% 1,378,828 $11.7M
18 Diadema Partners LP 0.46% 317,000 $2.7M
19 Integral Health Asset Management, LLC 0.40% 1,000,000 $8.5M
20 Defilade Capital Management, L.P. 0.38% 315,944 $2.7M
21 Kynam Capital Management, LP 0.37% 702,884 $5.9M
22 Kennondale Capital Management LLC 0.32% 52,693 $446K
23 DCF Advisers, LLC 0.30% 134,500 $1.1M
24 Ikarian Capital, LLC 0.28% 412,481 $3.5M
25 DCF Advisers, LLC 0.28% 123,500 $1.0M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Biohaven Ltd (BHVN)

What does the Smart Money Trend signal show for BHVN?

Selling streak — 1 quarter in a row: For 1 consecutive quarter, more hedge funds reduced or closed their BHVN positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for BHVN?

More buyers than sellers — 60% buying: Last quarter: 168 funds were net buyers (41 opened a brand new position + 127 added to an existing one). Only 110 were sellers (63 trimmed + 47 sold completely). A clear majority buying is a strong confirmation signal.

What is the fund quality score for BHVN holders?

Strong quality — 36% AUM from major funds: 46 of 269 holders rank in the top 100 by AUM, accounting for 36% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held BHVN?

55% of holders stayed for 2+ years: 149 out of 271 hedge funds have held BHVN for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Biohaven Ltd (BHVN) following the 2026 Q1 hedge fund 13F filings?

As of today, BHVN has moved +55.1% since the 2026 Q1 13F filing date (May 15, 2026), compared to +4.1% for the XLV sector ETF — an outperformance of +51.0%. Since the quarter end (March 31, 2026), BHVN has gained +60.6% vs +3.0% for XLV. The stock has significantly outperformed its sector benchmark — the original entry opportunity has largely been captured by earlier investors.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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