Options/BHVN

BHVNBiohaven Ltd.

Options Analysis Report•PHARMACEUTICAL PREPARATIONS

Market Cap $1.9B|NYSE

● 2026-09-11$12.79

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y -9.1%YTD +18.0%7D -18.5%

Options Vol

3,053

30D

Implied Move

±8.6%

IV Rank

16%

BHVN Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

Loading score history...

BHVN Gamma Walls

Loading gamma walls...

Value

Is IV priced right?

5.1

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks3/9 checks passed

IV Rank

≤35%

IV Rank 92.4% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.85x — IV ≤ HV

Sector Relative≤50%

Sector percentile 81% — above sector median

Term Structure

<1.1x

Front/Back 0.78x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 84.2% — crisis-level IV

Spread-Adjusted Value

<80%

Effective IV 163.5% (ATM 84.2% + spread 39.6% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 51.75% (spread 39.63% + slippage 12.12%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.19 (vega 0.753 / spread 39.63%) — spread drag

Sentiment

Bullish or bearish?

5.8

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -5%, Raw: -14%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -5% (neutral) — Raw: -14%

OI Skew Magnitude

≥15%

|OI skew| 55.2% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +17.3%, OI skew +55.2% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +86%, ATM: -45%, OTM: -7% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 51% — neutral vs sector

Activity

Unusual activity?

5.4

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 1.4x avg — normal

Turnover Rate

≥15%

Vol/OI 4.5% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change +5.3% (5d) — building

Sector Relative≥60%

Sector activity percentile 79% — active vs sector

Trade Quality

≥30%

Large trade volume 46% — institutional presence

Execution Urgency

≥60%

Aggressive execution 50% — patient

Flow Conviction

≥30

Conviction -5 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.1

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 39.6% — wide

Adequate OI

≥10,000

OI 67,786 — deep

Active Volume

≥500

Volume 3,053/day — adequate

Reasonable Cost

≤$0.50

$1.98 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 92% — much wider than sector

Order Book Depth

≥100 contracts

Depth 163.0 contracts (bid:90.3 ask:72.7) — adequate

Execution Quality

<1.0%

Avg slippage 12.12% — poor

Timing

Is now a good time?

6.7

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -22.0% — contango

IV Percentile Clarity

<30 or >70

IV percentile 92% — seller opportunity

Event Detection

≥10pts kink

IV kink -11.1pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 20.19 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -5% @ 52% consistency — unclear

Smart Money Timing

≥40 composite score

Score 76 (ITM 20% + inst 46%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls5.3

bullishIV fair, mixed flow

Long Puts4.7

bearishIV fair, mixed flow

Premium Sellers

Cash-Secured Put5.1

bullishIV fair, mixed flow

Covered Call4.5

bearishIV fair, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Sep 7, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on BHVN

BHVN gamma walls BHVN option chain BHVN max pain BHVN expected move BHVN IV rank BHVN put/call ratio BHVN options flow