Jefferies analyst Amy Li initiated coverage of Biohaven with a Buy rating and $57 price target. Biohaven’s pipeline isn’t being fully appreciated at a $3.6B market cap, contends the analyst, who sees long-term upside for BHV-1300 in I&I, BHV-7000 in epilepsy and potentially in MDD, and other programs like taldefgrobep alfa that offer optionality. However, there could be some noise around Biohaven’s near-term read-out like SMA and the firm acknowledges that the company has high cash burn, the analyst added.
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