Biohaven price target raised to $59 from $37 at BTIG

BTIG raised the firm’s price target on Biohaven to $59 from $37 and keeps a Buy rating on the shares. BHV-7000 has a mechanism that generates unusual excitement in the complex area of anti-seizure mechanisms, but could also be a novel approach in the gigantic markets of MDD and TRD, the analyst tells investors in a research note. The crossover seems “reasonable” for BHV-7000, given the drug’s favorable safety profile, the firm says. Other programs seem to be on track, and BTIG has reasonable confidence in the upcoming SMA readout for T-Alfa as the first readout in an attempt to build muscle in a “wasting” indication where the genetic defect has been corrected.