Biohaven downgraded to Neutral from Buy at UBS

UBS downgraded Biohaven (BHVN) to Neutral from Buy with a price target of $11, down from $26. The firm says the company’s “multiple” research and development and regulatory setbacks have lowered confidence on the viability of its remaining pipeline programs. Most of the immediate value in Biohaven’s pipeline comes from Kv7, but the company is two years behind competitor Xenon in the primary indication, the analyst tells investors in a research note. UBS sees a balanced risk/reward for the shares into the upcoming pipeline catalysts.