Analyst Tyler Van Buren of TD Cowen maintained a Buy rating on Biohaven Ltd., reducing the price target to $15.00.
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Tyler Van Buren’s rating is based on Biohaven Ltd.’s strategic shift towards focusing on its most promising clinical programs following a setback with the Vyglxia NDA. Despite the disappointment from the FDA’s CRL regarding Vyglxia, the company is redirecting its efforts towards late-stage clinical trials that hold significant potential, such as the Kv7 program for epilepsy and depression, and the IgG degrader initiatives.
By concentrating on these high-value projects and implementing cost optimization measures, Biohaven aims to extend its financial runway into the first half of the year. This strategic realignment, along with the potential of its remaining pipeline, underpins Van Buren’s confidence in the company’s future prospects, justifying the Buy rating despite the lowered price target.