BofA lowered the firm’s price target on Biohaven (BHVN) to $49 from $50 and keeps a Buy rating on the shares. The Q2 update “offered some minor pipeline updates,” including an announcement that the Phase 3 troriluzole study in OCD failed, leading to discontinuation, the analyst tells investors. After updating its model for Q2 financials, the firm removed troriluzole in OCD from its model and fine-tuned operating expense estimates to align with expected cash burn, the analyst noted.
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