Biohaven price target lowered to $54 from $61 at RBC Capital

RBC Capital analyst Leonid Timashev lowered the firm’s price target on Biohaven (BHVN) to $54 from $61 to reflect its cash burn and recent financing but keeps an Outperform rating on the shares after its Q1 results. The firm sees an eventful 2025 for the company as the strategy of multiple parallel phase 3 programs should begin to bear fruit, with phase 3s in MDD – major depressive disorder – and OCD reading out this year, as well as a PDUFA in SCA, spinocerebellar ataxia, all having potential to significantly inflect shares, the analyst tells investors in a research note. The reward/risk is favorable across the totality of Biohaven’s pipeline, the firm adds.