Biohaven fractionally lower after Xenon reports azetukalner Phase 3 hit target

Shares of Biohaven (BHVN) were sharply higher in early trading, but have given up their gains and moved into negative territory during Monday morning trading. The move may be in reaction to positive data from Xenon Pharmaceuticals (XENE), whose Phase 3 X-TOLE2 study of azetukalner in focal onset seizures met its primary endpoint. Azetukalner is a novel, potent, KV7 potassium channel opener currently in clinical development for epilepsy and depression and Biohaven is also developing Opakalim, a selective activator of Kv7.2/7.3 potassium channels. Shares of Biohaven were down about 1% to $9.85 as of 11:53 AM EDT.