DAFNA Capital Management, bless their hearts, bought 720,000 shares of Biohaven. That’s a transaction. In February. 2026, no less. Cost them around $8.92 million, give or take. It’s all just numbers, really. So it goes.
A Little Digging
They increased their holdings in Biohaven during the last quarter of 2025. Another $8.92 million. The total stake? $10.78 million. Up from before. More shares. A slightly bigger number on a spreadsheet. The stock, of course, has other ideas. It’s down, dramatically, and that’s the thing, isn’t it? We chase numbers while the world does what it will.
What They Own
- DAFNA now has 2.51% of its U.S. equity assets tied up in Biohaven. A small piece of the pie, if you think about it.
- Their top holdings, as of the filing:
- RVMD: $48.15 million (11.3% of their stuff)
- XBI: $41.03 million (9.7%)
- STXS: $31.47 million (7.4%)
- ATRC: $23.63 million (5.6%)
- CYTK: $23.57 million (5.5%)
- Biohaven shares are currently trading at $8.93. Down 68% in a year. The S&P 500? Up. A stark contrast. The market giveth, and the market taketh away.
The Company, Briefly
| Metric | Value |
|---|---|
| Price (Friday) | $8.93 |
| Market Capitalization | $1.3 billion |
| Net Income (TTM) | ($738.8 million) |
What They Do
- Biohaven develops therapies for neurological and immune diseases. No products on the market yet. Just promises.
- They operate on research. Hopeful science. Hoping for approval. Hoping for sales. Hoping.
- Their customers, someday, will be doctors and hospitals. If everything goes right. Which it rarely does.
Biohaven is a biotech company. They’re trying to fix broken brains and immune systems. It’s a noble pursuit. And expensive. They want to disrupt the market. Everyone does. So it goes.
The Logic of It All
This isn’t about what has happened. It’s about what might. Biohaven’s stock is in freefall, yes. But they’ve been busy. Cutting costs. Focusing on three key programs: epilepsy, immunology, and obesity. A cluster of potential breakthroughs. A gamble. The company lost roughly $739 million last year. But that’s the sound of reinvention. Or the sound of a sinking ship. It’s hard to tell.
They have about $322 million in cash. And they raised more. That buys time. Time is valuable. Especially when you’re trying to coax a miracle out of a petri dish. This position, for DAFNA, isn’t a core belief. It’s optionality. A calculated swing. A chance at asymmetric upside. If one of those programs delivers. Which, statistically, is unlikely. But that never stops anyone from trying. So it goes.
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2026-03-22 02:53