Biohaven initiated with a Buy at Canaccord

Canaccord initiated coverage of Biohaven (BHVN) with a Buy rating and $21 price target The company is developing novel therapeutics for immunology, obesity, neuroscience and oncology indications, the analyst tells investors in a research note. The firm views the stock as undervalued on Biohaven’s opakalim opportunity alone. It recommends buying the shares into the focal epilepsy readout, which it sees as presenting “significant upside potential.”