Biohaven: Core Pipeline Strength and Upcoming Clinical Catalysts Support Buy/High Risk Rating Despite BHV-7000 MDD Setback

Citi analyst Samantha Semenkow has maintained their bullish stance on BHVN stock, giving a Buy rating yesterday.

Samantha Semenkow has given his Buy rating due to a combination of factors that emphasize the strength of Biohaven’s core pipeline despite the recent BHV-7000 setback in major depressive disorder. Although the Phase 2 trial in depression did not achieve its main goal, she notes that the outcome was largely anticipated by investors and therefore should not materially alter the longer-term investment thesis. Importantly, the safety data for BHV-7000 remained favorable and in line with prior experience, which supports continued development in epilepsy, where both she and the market see a significantly better chance of success and await pivotal Phase 3 data in the first half of 2026.

In addition, Semenkow highlights the breadth of Biohaven’s prioritized programs in immunology, obesity, and neurology as key drivers of future value. Near-term catalysts include the upcoming analyst event, which is expected to provide initial patient data for BHV-1300 in Graves’ disease and BHV-1400 in IgA nephropathy, updated information on the obesity candidate taldefgrobep alfa ahead of Phase 2b data, and new findings from the open-label extension of the BHV-7000 epilepsy trial. She believes this series of clinical readouts and strategic focus on high-potential assets underpins attractive upside, reflected in an expected share price return of roughly one-third from current levels, supporting her Buy/High Risk stance.

Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BHVN in relation to earlier this year.