Leerink lowered the firm’s price target on Biohaven (BHVN) to $50 from $60 and keeps an Outperform rating on the shares following Q2 numbers and incremental updates on the pipeline. Importantly, the regulatory timeline for troriluzole in SCA was reaffirmed, with the PDUFA date still scheduled in Q4 2025, the firm notes. Management indicated that the regulatory inspections of the clinical trial sites were completed by the FDA with no findings, but the investor debate continues to be the uncertainty regarding how the AdCom and FDA will view the efficacy data. The AdCom has yet to be scheduled, but Leerink is still assuming that it takes place in late Q3/early Q4.
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