William Blair analyst Myles Minter has maintained their bullish stance on BHVN stock, giving a Buy rating yesterday.
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Myles Minter’s rating is based on Biohaven Ltd.’s strategic progress and financial maneuvers. The company has successfully completed a mid-cycle review meeting with the FDA for its drug, Troriluzole, aimed at treating spinocerebellar ataxia (SCA). This progress, coupled with the FDA’s apparent regulatory flexibility, especially given the rare nature of SCA and limited treatment options, suggests a favorable outlook for the drug’s approval.
Additionally, Biohaven has secured a significant nondilutive capital agreement with Oberland Capital, providing up to $600 million in funding. This agreement not only extends the company’s financial runway but also reduces financing risks, as the first tranche of $250 million has already been funded. The potential for further funding contingent on regulatory milestones further strengthens Biohaven’s financial position, supporting the Buy rating.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a $75.00 price target.