Canaccord Genuity Sees Buying Opportunity in Biohaven Pharmaceutical (BHVN)

Canaccord Genuity analyst Sumant Kulkarni reiterated a Buy rating and $89.00 price target on Biohaven Pharmaceutical Holding (NYSE: BHVN), saying while the sequence of events is very unfortunate the significant downside presents an opportunity.

"The curious mix of events - a buyout rumor starting in April, a pull out of an investor conference last week, and yesterday's stock action - leading into this offering means several investors (especially those hoping for a buyout) come out of this event shaken," Kulkarni commented. "While we too hope the narrative could have somehow been different (or perhaps controlled differently?), we believe the significant downside over the past few days presents a buying opportunity on a stock that has several important catalysts coming up over the next 6-9 months, the most important of which could be the potential approval of rimegepant (acute treatment of migraine), and Phase 3 data on rimegepant for migraine prevention."

For an analyst ratings summary and ratings history on Biohaven Pharmaceutical Holding click here. For more ratings news on Biohaven Pharmaceutical Holding click here.

Shares of Biohaven Pharmaceutical Holding closed at $57.36 yesterday.

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