Biohaven price target lowered to $63 from $69 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Biohaven (BHVN) to $63 from $69 and keeps an Overweight rating on the shares. Biohaven reported Q4 earnings on March 3 and provided “mixed” data updates for BHV-1300 and BHV-7000, with the updates for BHV-1300 being positive, as it achieved sustained reductions in total IgG of up to 84%, while the BHV-7000 Phase 2 data was negative, as it failed to reach statistical significance from the comparator on the Young Mania Rating Scale in bipolar mania, the analyst tells investors in a research note. The firm removed BHV-7000 bipolar indication from its model and says it expects the primary focus for the stock to remain on upcoming FDA action on Troriluzole for Spinocerebellar Ataxia this summer.