BTIG lowered the firm’s price target on Biohaven (BHVN) to $16 from $33 and keeps a Buy rating on the shares following Tuesday’s announcement of the complete response letter for troriluzole in SCA. The CRL likely “ends a messy chapter” for the company in SCA, the analyst tells investors in a research note. The 60% R&D restructuring is hard to model without details, so the calculated $16 TP may be a little low pending a better read on cuts, the firm added.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BHVN:
- Hold Rating on Biohaven Ltd. Amid Liquidity Challenges and Uncertain Clinical Outcomes
- Biohaven downgraded to Market Perform from Outperform at Bernstein
- Biohaven downgraded to Neutral from Buy at BofA
- Morning News Wrap-Up: Wednesday’s Biggest Stock Market Stories!
- Midday Fly By: Broader market bought on dip after tech selloff