In a report released on April 25, Jason Gerberry from Bank of America Securities maintained a Buy rating on Biohaven Ltd. (BHVN – Research Report), with a price target of $54.00.
Jason Gerberry has given his Buy rating due to a combination of factors including Biohaven Ltd.’s strategic withdrawal and planned resubmission of the troriluzole application in the EU. This decision was made to address specific feedback from the CHMP regarding the new active status designation, which is crucial for achieving orphan drug pricing. The company plans to enhance the application with additional data to support approval for all SCA genotypes, not just SCA3, which is a positive step forward.
Furthermore, in the United States, the FDA has already accepted the troriluzole submission with priority review, and Biohaven is optimistic about the regulatory environment under FDA Commissioner Makary, who is supportive of rare disease drug development. This supportive stance, coupled with the potential for lenient efficacy requirements for safe drugs targeting rare diseases, adds to the positive outlook. Gerberry maintains a Buy rating with a price objective of $54, reflecting the potential for significant upside from future clinical updates and re-rating opportunities.
In another report released on April 25, RBC Capital also maintained a Buy rating on the stock with a $61.00 price target.
Based on the recent corporate insider activity of 15 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.