H.C. Wainwright downgraded Biohaven (BHVN) to Neutral from Buy with a price target of $11, down from $30. The company reduced operating expenses and raised additional funding, “but now needs clear wins to keep the pipeline moving,” the analyst tells investors in a research note. The firm sees a low likelihood that opakalim’s Phase 3 data will exceed, or even match, azetukalner’s efficacy. It downgrades the shares seeing “fewer ways to win.”
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