Biohaven price target raised to $56 from $32 at JPMorgan

JPMorgan raised the firm’s price target on Biohaven to $56 from $32 and keeps an Overweight rating on the shares. The analyst sees growing interest in Biohaven’s proprietary drug platform consisting of a class of modular, bifunctional synthetic molecules which mediate the degradation of disease-causing extracellular proteins. This quarter, the firm believes there is a high likelihood of observing rapid, robust IgG lowering following single doses of BHV-1300 that is supportive of moving the program forward. As such, JPMorgan sees a good chance for the stock to continue to work, with data to inform the potential of this novel platform to unfold with time.