SVB Securities analyst Marc Goodman initiated coverage of Biohaven (BHVN) with an Outperform rating and $24 price target. The firm likes the fast-follower strategy with the lead asset BHV-7000, which is relatively de-risked as a Kv7 channel activator, and notes Taldefgrobepalpha has a respectable chance of working in spinal muscular atrophy as an adjunctive therapy to standard of care and is currently being assessed in a Phase 3 pivotal trial. Further, Troriluzole remains a wild card with its Phase 3 programs in both obsessive compulsive disorder as well as spinal cerebellar ataxia, while the company’s leadership team has created a great deal of value with the monetization of the migraine franchise to Pfizer (PFE), SVB Securities argues.
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