Raymond James analyst Christopher Raymond has maintained their bullish stance on BHVN stock, giving a Buy rating today.
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Christopher Raymond has given his Buy rating due to a combination of factors surrounding Biohaven Ltd.’s current situation. Despite the high-risk nature of the upcoming PDUFA decision on troriluzole for spinocerebellar ataxia (SCA), Raymond believes that the market’s reaction to recent news concerning another company’s FDA interactions is not directly applicable to Biohaven. The distinction lies in the different FDA divisions handling the cases and the fact that Biohaven’s application has already been filed and accepted with priority review, unlike the other company’s situation.
Furthermore, Raymond acknowledges the challenges Biohaven has faced with its application process, including receiving a refusal-to-file letter and subsequent reanalysis and refiling. However, he remains optimistic, projecting potential approval and launch within the year, with significant revenue growth expected in the following years. He estimates that the stock could see substantial gains if approval is granted, indicating a strong potential upside for investors.
In another report released today, Citi also reiterated a Buy rating on the stock with a $28.00 price target.