Biohaven Ltd shares swung sharply Monday, opening at $11.38, peaking at $12.70, then dropping to $9.91 by 10:55 a.m. EDT, with volume over 3.1 million. The moves followed a leadership change at the FDA, which last year rejected Biohaven’s rare-disease drug Vyglxia, sending shares down over 40%. Biohaven reported a 2025 net loss of $738.8 million and ended December with $322 million in cash.