BTIG lowered the firm’s price target on Biohaven (BHVN) to $16 from $33 and keeps a Buy rating on the shares following Tuesday’s announcement of the complete response letter for troriluzole in SCA. The CRL likely “ends a messy chapter” for the company in SCA, the analyst tells investors in a research note. The 60% R&D restructuring is hard to model without details, so the calculated $16 TP may be a little low pending a better read on cuts, the firm added.
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