Leerink Partners analyst Marc Goodman has maintained their bullish stance on BHVN stock, giving a Buy rating on December 24.
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Marc Goodman has given his Buy rating due to a combination of factors that extend beyond the disappointing MDD trial for BHV-7000. He views the negative MDD outcome as within the realm of typical risk for depression studies, noting uncertainties such as patient heterogeneity and the possibility that placebo effects obscured any true drug signal. While acknowledging ongoing concerns in the investment community about brain penetration and the Kv7 mechanism, he underscores that management’s strategic pivot to focus BHV-7000 on epilepsy may better align the asset with its strongest potential.
At the stock level, Goodman anticipates near-term pressure because the MDD readout had been a key anticipated catalyst to drive momentum. However, he maintains a positive stance given the breadth of remaining value drivers in Biohaven’s pipeline. He highlights upcoming milestones from multiple programs, including degrader candidates in IgA nephropathy and Graves’ disease, the Phase 2b obesity study of taldefgrobep alfa, emerging data for opakalim in focal onset seizures, and the oncology platform led by the BHV-1510 Trop2-targeted ADC. In his view, these diversified, late- and mid-stage opportunities support a favorable risk‑reward profile, justifying his continued Buy (Outperform) rating on the shares.
In another report released on December 24, Citi also maintained a Buy rating on the stock with a $14.00 price target.