Data as of:
LIVE
BHVN
Biohaven Ltd. · Healthcare - Clinical-Stage Biopharmaceutical
$13.62
-3.68% this month
VERSUS
COMPARE
PTGX
Protagonist Therapeutics, Inc. · Healthcare - Clinical-Stage Biopharmaceutical
$143.00
-7.71% this month
Comparison scoreboard
PTGX LEADS 3/5AI Scorei
BHVN 27.4
PTGX ✓66.3
1Y Returni
BHVN -12.24%
PTGX ✓+130.13%
Fwd P/Ei
BHVN ✓-8.45
PTGX -733.52
Target Up.i
BHVN ✓+32.76%
PTGX +19.59%
Op. Margini
BHVN 0.00%
PTGX ✓74.37%
Metrics last refreshed: 9/20/2026
Quick take
BHVN vs PTGX Stock Comparison: AI Score, Valuation, Performance and Upside
BHVN (Biohaven Ltd.) and PTGX (Protagonist Therapeutics) are both clinical-stage biopharmaceutical companies with distinct therapeutic focus areas — Biohaven is exploring ion channel biology and neurological diseases with an early-stage pipeline, while Protagonist has a more advanced pipeline with a J&J partnership for rusfertide in polycythemia vera and gut-restricted IBD peptide technology. Both represent binary clinical trial risk investments in smaller biotech companies.
BHVN vs PTGX is CNS ion channel biology bet (Biohaven's early-stage neurological and psychiatric pipeline from Pfizer spinoff management team) versus partnered hematology/GI peptide development (Protagonist's rusfertide in polycythemia vera partnered with J&J plus gut-restricted IBD program) — neurological disease early pipeline versus more advanced rare disease and GI drug development with big pharma partnership validation.
Live analysis · updated 9/20/2026
PTGX holds the edge across 3 of 5 key metrics in this comparison. PTGX has delivered stronger 1-year price return (+130.13% vs -12.24%), though BHVN has the better forward P/E setup (-8.45x vs -733.52x for PTGX). Analyst consensus implies meaningfully more upside for BHVN (+32.76%) than for PTGX (+19.59%).
Normalized 1Y performance
BHVN
PTGX
Recent returns
BHVN
PTGX
Analyst price targets & sentiment
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
BHVN
Price target range
analyst mean$21.73
current price$13.62
+32.8% upside to analyst mean
PTGX
Price target range
analyst mean$174.69
current price$143.00
+19.6% upside to analyst mean
Who should consider this stock?
BHVN may suit investors who:
- Want early-stage CNS drug development exposure with the Biohaven management team that successfully developed the first CGRP-blocking migraine therapy before the Pfizer acquisition
- Value ion channel biology as a differentiated mechanistic approach to neurological and psychiatric diseases where existing treatments are inadequate
- Accept the high-risk, early-stage pipeline profile of a clinical company with limited revenue requiring capital raises to advance programs through trials
PTGX may suit investors who:
- Want clinical-stage biotech exposure with Johnson & Johnson partnership validation for rusfertide in polycythemia vera — J&J's participation provides financial support and de-risks the commercial execution
- Value Protagonist's novel gut-restricted peptide platform as potentially enabling better-tolerated IBD therapies that avoid systemic immunosuppression side effects
- Accept the binary risk of polycythemia vera pivotal trial results as the primary near-term catalyst determining the company's near-term value
Performance & AI score
| Metric | BHVN | PTGX |
|---|---|---|
| AI scorei | 27.4 | 66.3 |
| AI ranki | #2442 | #68 |
| Latest closei | $13.62 | $143.00 |
| 1M returni | -3.68% | -7.71% |
| 6M returni | +52.52% | +44.63% |
| 1Y returni | -12.24% | +130.13% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | BHVN | PTGX |
|---|---|---|
| 1Y ago | $8.78K (-12.2%) started 2025-09-18 | $23.01K (+130.1%) started 2025-09-18 |
| 5Y ago | $19.09K (+90.9%) started 2022-09-23 | $110.42K (+1004.2%) started 2021-09-20 |
| 10Y ago | $19.09K (+90.9%) started 2022-09-23 | $94.7K (+847.0%) started 2016-09-19 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | BHVN | PTGX |
|---|---|---|
| Market capi | $2.47B | $9.45B |
| Trailing P/Ei | N/A | 141.83 |
| Forward P/Ei | -8.45 | -733.52 |
| Price/Salesi | N/A | N/A |
| EV/Revenuei | N/A | 30.78 |
| Analyst targeti | $21.73 | $174.69 |
| Target upsidei | +32.76% | +19.59% |
Growth, profitability & risk
| Metric | BHVN | PTGX |
|---|---|---|
| Revenue growthi | N/A | 3749.20% |
| Earnings growthi | N/A | N/A |
| EPS growthi | N/A | N/A |
| FCF margini | N/A | +34.10% |
| Operating margini | 0.00% | 74.37% |
| Profit margini | 0.00% | 29.40% |
| ROIC proxyi | -799.46% | 10.98% |
| Return on equityi | -799.46% | 10.98% |
| Dividend yieldi | N/A | N/A |
| Payout ratioi | 0.00% | 0.00% |
| Dividend growth streaki | N/A | N/A |
| Betai | 3.16 | 1.79 |
| Debt/equityi | 2430.33 | 1.09 |
| Current ratioi | 4.73 | 21.71 |
| Quick ratioi | 4.28 | 21.58 |
Correlation
Over the past year, BHVN and PTGX have moved barely in the same direction (correlation of 0.13), based on daily returns.
1Y
0.13
-1.0+1.0
5Y
0.13
-1.0+1.0
10Y
0.13
-1.0+1.0
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
BHVN max drawdowni56.99%
PTGX max drawdowni16.38%
BHVN max wkly dropi53.95%
PTGX max wkly dropi10.92%
5Y risk snapshot
BHVN max drawdowni86.96%
PTGX max drawdowni80.97%
BHVN max wkly dropi53.95%
PTGX max wkly dropi52.66%
10Y risk snapshot
BHVN max drawdowni86.96%
PTGX max drawdowni85.79%
BHVN max wkly dropi53.95%
PTGX max wkly dropi71.47%
Performance metrics by period
| Period | Metric | BHVN | PTGX |
|---|---|---|---|
| 1Y | Growthi | -12.24% | +130.13% |
| CAGRi | -12.25% | +130.26% | |
| Volatilityi | 91.92% | 50.34% | |
| Sharpe ratioi | 0.29 | 1.81 | |
| Sortino ratioi | 0.42 | 3.53 | |
| Max drawdowni | 56.99% | 16.38% | |
| Current drawdowni | 24.79% | 9.85% | |
| Avg drawdowni | 31.65% | 5.43% | |
| Ulcer Indexi | 35.38% | 7.20% | |
| Max daily dropi | 40.22% | 9.00% | |
| Max wkly dropi | 53.95% | 10.92% | |
| 5Y | Growthi | +90.87% | +1004.25% |
| CAGRi | +17.60% | +61.76% | |
| Volatilityi | 83.61% | 79.71% | |
| Sharpe ratioi | 0.56 | 0.91 | |
| Sortino ratioi | 0.87 | 1.69 | |
| Max drawdowni | 86.96% | 80.97% | |
| Current drawdowni | 77.21% | 9.85% | |
| Avg drawdowni | 41.23% | 28.38% | |
| Ulcer Indexi | 51.20% | 38.14% | |
| Max daily dropi | 40.22% | 49.95% | |
| Max wkly dropi | 53.95% | 52.66% | |
| 10Y | Growthi | +90.87% | +847.02% |
| CAGRi | +17.60% | +25.22% | |
| Volatilityi | 83.61% | 90.11% | |
| Sharpe ratioi | 0.56 | 0.64 | |
| Sortino ratioi | 0.87 | 1.06 | |
| Max drawdowni | 86.96% | 85.79% | |
| Current drawdowni | 77.21% | 9.85% | |
| Avg drawdowni | 41.23% | 40.06% | |
| Ulcer Indexi | 51.20% | 47.95% | |
| Max daily dropi | 40.22% | 62.00% | |
| Max wkly dropi | 53.95% | 71.47% |
Business comparison
| Category | BHVN | PTGX |
|---|---|---|
| Company | Biohaven Ltd. | Protagonist Therapeutics, Inc. |
| Sector | Healthcare | Healthcare |
| Industry | Biotechnology | Biotechnology |
| Core business | Biohaven Ltd. is the spinoff company created when Pfizer acquired Biohaven Pharmaceutical in 2022 — retaining the pipeline assets not included in the Pfizer acquisition (primarily CGRP migraine therapy pipeline, ion channel biology programs, and other CNS assets). Biohaven is pursuing neurological and psychiatric disease treatments with novel mechanisms including Kv7 ion channel modulators and myeloperoxidase inhibitors. | Protagonist Therapeutics is a peptide-based drug developer focused on GI (gastrointestinal) diseases and hematology — creating novel peptide drugs that mimic natural hormones and peptides to treat inflammatory bowel disease (IBD), polycythemia vera, and other hematological conditions. Protagonist's lead programs include rusfertide (for polycythemia vera) partnered with Johnson & Johnson. |
| Investor focus | Investors track Biohaven's clinical pipeline progress (particularly Kv7 channel modulators in epilepsy and psychiatric disorders), cash runway, partnering opportunities, and management's ability to advance multiple early-stage programs with limited resources as a spinoff company. | Investors track Protagonist's rusfertide regulatory progress (polycythemia vera partnership with J&J), the IBD pipeline (PN-943, gut-restricted inflammatory peptide), JNJ partnership milestones, clinical trial results for late-stage programs, and cash position relative to development timelines. |
BHVN strengths
- Ion channel biology expertise — Biohaven's scientific foundation in ion channel targets (Kv7 channels, TRP channels) represents a mechanistic approach that may produce differentiated therapies for neurological conditions where current options are limited
- Multiple early-stage pipeline assets create diversified risk — Biohaven is pursuing several programs simultaneously, reducing dependency on any single trial outcome
- Management team's track record — the Biohaven team successfully developed rimegepant (Nurtec ODT), approved for migraine, before the Pfizer acquisition; this track record in CNS drug development is a positive signal for the new pipeline
PTGX strengths
- Late-stage partnership with Johnson & Johnson — Protagonist's rusfertide program for polycythemia vera (a rare blood disorder) is partnered with J&J, providing upfront payments, development cost sharing, and significant milestone payments if approved
- Rusfertide differentiation in polycythemia vera — rusfertide (a hepcidin mimetic) addresses polycythemia vera with a novel mechanism, potentially offering an alternative to phlebotomy and cytoreductive therapy for patients with inadequate control
- Gut-restricted peptide technology — Protagonist's platform creates peptides that act locally in the GI tract without systemic absorption, potentially enabling IBD therapies with better safety profiles than systemic biologics
Risks to watch — BHVN
- Early-stage pipeline risk — Biohaven's current programs are in early clinical development, requiring years of trials before potential approval; failure rates in early clinical programs are high
- Limited revenue — as a clinical-stage company, Biohaven depends on partnership payments, milestone receipts, or capital raises rather than product revenue to fund operations
- Cash position management — without product revenue, Biohaven's runway determines how far its pipeline can advance before needing additional capital
Risks to watch — PTGX
- Binary event risk from phase 3 readouts — rusfertide and IBD pipeline pivotal trial results represent high-stakes binary events that could significantly move the stock in either direction
- Small rare disease market for polycythemia vera — PV affects approximately 100,000 U.S. patients; peak sales potential is limited relative to larger indication biotechs
- Competition in IBD from approved biologics — vedolizumab (Entyvio), biologics (Humira), and JAK inhibitors are approved alternatives; demonstrating differentiation for gut-restricted peptide IBD therapies requires head-to-head advantages
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