Terence Flynn, an analyst from Morgan Stanley, maintained the Buy rating on Biohaven Ltd.. The associated price target was lowered to $54.00.
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Terence Flynn has given his Buy rating due to a combination of factors surrounding Biohaven Ltd.’s strategic decisions and upcoming milestones. Despite the recent setback with the Troriluzole Phase 3 trial in OCD, which showed no efficacy and led to the discontinuation of the OCD program, the company is reallocating resources to more promising areas. This strategic shift is seen as a prudent move, allowing Biohaven to focus on more viable opportunities.
Additionally, the company is making significant progress with Troriluzole for the treatment of spinocerebellar ataxia (SCA), with an FDA PDUFA date set for the fourth quarter. The completion of clinical trial inspections without any findings is a positive indicator, and preparations for a potential commercial launch are underway. Furthermore, the anticipation of upcoming data from the Kv7 program in major depressive disorder (MDD) in the second half of the year adds to the potential upside. These developments contribute to a favorable outlook for Biohaven, justifying the Buy rating.
In another report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $30.00 price target.
BHVN’s price has also changed dramatically for the past six months – from $42.530 to $13.410, which is a -68.47% drop .