JPMorgan Reiterates Overweight Rating on Biohaven Pharmaceutical Holding (BHVN)

JPMorgan analyst Tessa Romero reiterated an Overweight rating and $55.00 price target on Biohaven Pharmaceutical Holding (NYSE: BHVN).

The analyst comments "We wanted to provide our initial thoughts on the Molecular Degrader of Extracellular Proteins (MoDE) platform update Biohaven provided in a press release ahead of its R&D day in New Haven, CT. The company released new data from four cohorts (no dose levels disclosed) of the total of approximately six cohorts from the ongoing phase 1 SAD study for BHV-1300 in healthy volunteers. At the start of the day today, mgmt highlighted that cohort 4 (which is late breaking to its event) is “just at the beginning” of its therapeutic doses. Along these lines, BHV-1300 demonstrated dose-dependent lowering of IgG that fall in line with modeling with placebo-adjusted maximal mean reductions from baseline ranging from -5% (cohort 1) to -37% (cohort 4) within 96hrs; moreover, some subjects achieved IgG reductions of 50% to 70% of baseline. Importantly, based on modeling, Biohaven is confident that the phase 1 can achieve >70% lowering of IgG with doses compatible with subcutaneous administration which would be generally consistent with our IgG lowering expectations for the overall SAD study detailed in our preview slide deck (see here). Furthermore, BHV-1300 has maintained a safe and well-tolerated profile to date with no serious or severe AEs, no significant impact on LFTs, albumin, LDL cholesterol or other serum labs, no adverse trends in vital signs or ECGs and no reductions in average IgA, IgM or IgE levels; most AEs were mild, unrelated to study drug and spontaneously resolved. Biohaven affirmed its plan to initiate a multiple ascending dose (MAD) study for BHV-1300 in rheumatoid arthritis (RA). Beyond BHV-1300, the company continues to advance its previously described MoDE degrader INDs on timelines for 2024 (BHV-1310, BHV-1400, as well as BHV-1600) and also announced several new degrader programs advancing to INDs. Taking a step back, the results displayed thus far might be shy of goal with respect to the magnitude of IgG lowering that has been reached to date, however this is as expected given the SAD is not yet complete. We think it is critical to await the full data before drawing any premature conclusions about the profile. We look to Biohaven’s R&D day presentations in New Haven, CT for additional insights on these data and the MoDE platform overall (~4:00pm ET for the degrader panel and presentation) as it moves forward and should take on additional momentum."

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 $37.94 yesterday.

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