Biohaven price target raised to $66 from $55 at Bernstein

Bernstein analyst William Pickering raised the firm’s price target on Biohaven to $66 from $55 and keeps an Outperform rating on the shares. The firm notes Biohaven was up 14% Monday after presenting positive topline results for its pivotal study of troriluzole in spinocerebellar ataxia. This indication had been essentially left for dead by investors and sell-side after FDA issued a refuse-to-file letter in July 2023. Still, Biohaven persevered, working with FDA to develop a revised protocol comparing Phase 3 OLE data at 3 years to natural history, Bernstein says. This new analysis met its primary endpoint, showing 50% slowing of disease progression on f-SARA at 3 years vs. U.S. natural history control.