Bernstein analyst William Pickering initiated coverage of Biohaven with an Outperform rating and $55 price target. The firm is bullish on the upcoming IgG degrader readout and sees “substantial value” in the company’s MoDE degrader platform, which it values at $38 per share. Beyond that, Biohaven has a “broad and attractive” pipeline with Phase 3 readouts across three programs in the next 18 months, the analyst tells investors in a research note. Bernstein has the most conviction in Kv7 and myostatin.
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