Baird initiated coverage of Biohaven with an Outperform rating and $58 price target. The company’s IgG degrader carries the most near term upside potential with data in 2024 capable of leveraging the stock to be a multiple of where it is, the analyst tells investors in a research note. In addition, Biohaven’s Kv7 program in seizures and neuropsychic indications has differentiated potential in an emerging drug class, says the firm. It also expects the company’s myostatin program to be a beneficiary of the GLP-1 trade as it moves into obesity.
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