Analyst Thomas Shrader from BTIG maintained a Buy rating on Biohaven Ltd. and keeping the price target at $16.00.
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Thomas Shrader has given his Buy rating due to a combination of factors that highlight Biohaven Ltd.’s strategic positioning and potential for growth. The company’s financial runway, bolstered by recent financing, is expected to support its operations for about a year, allowing it to advance its degrader programs. These programs are anticipated to produce data demonstrating their effectiveness, potentially surpassing existing approaches.
Additionally, the upcoming readout of BHV-7000 in major depressive disorder (MDD) is considered a significant catalyst. This readout is de-risked by previous studies, suggesting that BHV-7000 may address issues seen in similar drugs, such as dose-limiting somnolence and circadian rhythm disruption. Furthermore, Biohaven’s recent data on BHV-1300 shows promising reductions in IgG levels, indicating potential in its subcutaneous formulation. These elements, combined with a valuation approach using a discounted cash flow model, underpin Shrader’s positive outlook on Biohaven’s stock.
Shrader covers the Healthcare sector, focusing on stocks such as Gain Therapeutics, Biohaven Ltd., and Harrow Health. According to TipRanks, Shrader has an average return of 1.4% and a 37.58% success rate on recommended stocks.
In another report released on November 14, H.C. Wainwright also maintained a Buy rating on the stock with a $30.00 price target.