Biohaven stock holds Buy rating, $75 target from TD Cowen

On Tuesday, TD Cowen maintained a positive stance on Biohaven Pharmaceutical (TADAWUL:2070) Holding (NYSE:BHVN), reiterating a Buy rating with a steady price target of $75.00. The stock, which has declined 12% over the past week according to InvestingPro data, remains a focus for analysts. The firm’s analyst highlighted recent data from Biohaven’s BHV-1300 program, showcasing significant progress in its clinical development.

Biohaven recently shared updated data on BHV-1300, which demonstrated an 80-84% reduction in immunoglobulin G (IgG) following a once-weekly dosing of 1000mg over four weeks. This performance marks a notable improvement over previous results, which showed efficacy comparable to Vyvgart at lower doses with more than a 60% IgG reduction. While the company maintains a strong liquidity position with a current ratio of 3.49, InvestingPro data shows it’s currently burning through cash rapidly.

The analyst from TD Cowen expressed optimism about the potential of BHV-1300, indicating that the recent data exceeds expectations. The company’s ability to achieve such high IgG reductions while maintaining a strong safety profile is seen as a significant advancement for the program.

Looking ahead, Biohaven plans to initiate a Phase II clinical trial for BHV-1300 in the treatment of Graves’ disease by mid-year. The trial aims to rapidly achieve proof of concept through biomarkers, which could further validate the drug’s efficacy and safety.

Biohaven’s progress with BHV-1300 is a key development for the company, as it continues to demonstrate the potential of its pipeline in addressing significant medical needs. The reaffirmed Buy rating and price target from TD Cowen reflect confidence in Biohaven’s direction and the promise of its clinical programs.

In other recent news, Biohaven Pharmaceutical Holding has reported several significant developments. The company announced the FDA’s acceptance and Priority Review of its troriluzole New Drug Application for spinocerebellar ataxia (SCA), marking a potential milestone as the first approved treatment for this condition. Deutsche Bank (ETR:DBKGn) initiated coverage on Biohaven with a Buy rating and a $65 price target, citing the potential of the company’s clinical assets. Additionally, Biohaven’s Phase 1 study of BHV-1300 showed promising results, with up to 84% reduction in IgG levels, positioning it as a potential treatment for autoimmune diseases like Graves’ disease. Piper Sandler maintained its Overweight rating and $76 price target, highlighting the positive data from the BHV-1300 study despite setbacks in the bipolar disorder trial. Meanwhile, RBC Capital continues to rate Biohaven as Outperform with a $61 target, emphasizing the company’s diverse pipeline and potential growth opportunities. Bernstein adjusted its price target to $57 while maintaining an Outperform rating, reflecting on mixed results from the degrader Phase 1 study. These developments underscore the ongoing interest and potential in Biohaven’s varied drug pipeline and strategic initiatives.

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