Bank of America just raised its EUR/USD forecast
Investing.com - BTIG has raised its price target on Biohaven Pharmaceutical (TADAWUL:2070) Holding (NYSE:BHVN) to $60.00 from $59.00 while maintaining a Buy rating. The new target represents significant upside from the current price of $16.01, aligning with the broader analyst consensus that remains strongly bullish. According to InvestingPro data, analyst price targets range from $19 to $75.
The adjustment comes as BTIG believes the company’s arguments for its SCA treatment VYGLXIA are "solid and likely to be reviewed by an FDA eager to do something that looks patient-friendly in an orphan disease." The firm notes that while control patients didn’t decline during the first year of treatment in the 206 trial, they showed significant decline in years two and three. InvestingPro data shows the company maintains strong liquidity with a current ratio of 3.82 and holds more cash than debt on its balance sheet, providing financial flexibility for its clinical programs.
BTIG highlights that VYGLXIA-treated patients performed significantly better than control patients over the three-year trial period. This conclusion is supported by data showing VYGLXIA patients began to decline during periods of interrupted treatment, suggesting a treatment effect.
Beyond the SCA program, BTIG expressed interest in Biohaven’s BHV-7000 readout for major depressive disorder (MDD), which it considers "significantly de-risked" by the XEN1100 X-NOVA readout. The firm also noted positive developments in the company’s degrader franchise, where early-stage readouts show target reductions comparable to more cumbersome options. The stock has shown strong momentum recently, with InvestingPro reporting an impressive 18.86% return over the past week, though investors should note the company’s rapid cash burn rate.
BTIG also mentioned that Biohaven’s SubQ formulation development appears to have progressed smoothly, and the remainder of the pipeline is "well conceived" with trials that "provide answers."
In other recent news, Biohaven Ltd. has filed a prospectus with the U.S. Securities and Exchange Commission to allow the resale of approximately 3.6 million common shares. These shares were initially issued as part of a revised agreement with Knopp, which involved changes to the royalty payment structure for their pipeline programs. Biohaven also reported research and development expenses of $184.4 million for the second quarter, surpassing analyst expectations of $173.9 million, although these expenses have decreased by 41% compared to the previous year. Meanwhile, selling, general, and administrative expenses increased by 44% year-over-year but remained slightly below estimates.
In terms of analyst ratings, H.C. Wainwright lowered its price target for Biohaven to $30, citing potential equity dilution due to funding needs for its R&D programs. Despite this, the firm maintained a Buy rating. Additionally, Morgan Stanley (NYSE:MS) reiterated an Overweight rating and a $63 price target, expressing confidence in Biohaven’s diverse pipeline and upcoming commercial launch of Troriluzole. The company is expecting a PDUFA decision for Troriluzole in the fourth quarter of 2025. These developments reflect Biohaven’s ongoing efforts to advance its pipeline and manage financial strategies.
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