Piper Sandler lowered the firm’s price target on Biohaven (BHVN) to $30 from $75 and keeps an Overweight rating on the shares following the FDA’s complete response letter for troriluzole in spinocerebellar ataxia, citing RWE and natural history study issues. This follows a complex regulatory history with an initial RTF letter, followed by NDA acceptance in February based on statistical significance benefits from an FDA-guided RWE protocol. Piper views the FDA’s decision as a concerning instance of inconsistent guidance.
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