Tyler Van Buren, an analyst from TD Cowen, maintained the Buy rating on Biohaven Ltd. (BHVN – Research Report). The associated price target remains the same with $75.00.
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Tyler Van Buren has given his Buy rating due to a combination of factors that highlight Biohaven Ltd.’s strong position and potential for growth. The company has secured a non-dilutive Note Purchase Agreement with Oberland Capital, providing up to $600 million in funding. This financial backing is crucial as it supports the potential launch of troriluzole for spinocerebellar ataxia (SCA) by the end of the year, while also allowing Biohaven to maintain its broad clinical pipeline.
Moreover, Biohaven’s recent mid-cycle review meeting with the FDA for troriluzole’s New Drug Application in SCA concluded without the need for an Advisory Committee Meeting, which suggests a favorable regulatory outlook. Additionally, the company is progressing with Phase III trials for troriluzole in obsessive-compulsive disorder (OCD), with results expected in the near future. These developments, coupled with the strategic financial agreement, underpin Van Buren’s optimistic outlook and Buy rating for Biohaven Ltd.
Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of BHVN in relation to earlier this year.