Biohaven price target raised to $68 from $59 at RBC Capital

RBC Capital raised the firm’s price target on Biohaven to $68 from $59 and keeps an Outperform rating on the shares following meetings with its management after the company presented topline data from their 3-year real-world efficacy study of troriluzole in SCA, or Spinocerebellar Ataxia, which opens the path to an NDA filing in Q4 and a potential commercialization by 2025. The positive data comes as a “pleasant surprise”, and illustrates the depth of Biohaven’s pipeline with multiple opportunities for upside, the analyst tells investors in a research note, adding that while RBC remains cautious on troriluzole’s ultimate probability of success, it also believes the “crystalizing path” towards approval enables a more tangible upside opportunity for this indication.