Thomas Shrader, an analyst from BTIG, maintained the Buy rating on Biohaven Ltd. (BHVN – Research Report). The associated price target is $59.00.
Thomas Shrader has given his Buy rating due to a combination of factors revolving around Biohaven Ltd.’s aggressive and strategic drug development, particularly with their lead drug BHV-7000. Shrader believes that Biohaven’s approach is well-suited to the current pharmaceutical industry’s value on rapid development and versatility of drugs, especially in the central nervous system (CNS) therapeutic area. The potential for BHV-7000 to expand beyond its initial proof of concept (POC) application into larger markets such as major depressive disorder (MDD) and treatment-resistant depression (TRD) is particularly promising because of its favorable safety profile. This profile contrasts with other anti-seizure mechanisms (ASMs), where adverse events (AEs) are more common and can impede their use in MDD treatments.
The report also mentions the positive outlook for other Biohaven programs, including the muscle-building applications of T-Alfa in obesity. Shrader’s analysis includes updated revenue projections incorporating bipolar disorder and MDD, and an increased probability of success (PoS) for T-Alfa, leading to a raised price target (PT) of $59. Additionally, the planned initiation of phase 2 and phase 3 trials for various indications and the progress of BHV-2100 in early-phase studies, alongside the context of recent mergers and acquisitions in the industry, reinforce the Buy rating. The valuation is based on a discounted cash flow (DCF) model, which takes into account the promising pipeline and potential market opportunities for Biohaven’s products.
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Biohaven Ltd. (BHVN) Company Description:
Biohaven Ltd is a commercial-stage biopharmaceutical company with a portfolio of innovative therapies to improve the lives of patients with debilitating neurological and neuropsychiatric diseases, including rare disorders. Biohaven’s Neuroinnovation portfolio includes FDA-approved Nurtec ODT (rimegepant) for the acute and preventive treatment of migraine (EMA-approved as Vydura (rimegepant) for the acute treatment of migraine with or without aura, and prophylaxis of episodic migraine.
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