Bernstein SocGen Group Downgrades Biohaven Pharmaceutical Holding (BHVN) to Market Perform

Bernstein SocGen Group analyst William Pickering downgraded Biohaven Pharmaceutical Holding (NYSE: BHVN) from Outperform to Market Perform with a price target of $9.00 (from $34.00).

The analyst comments: "We are downgrading BHVN to Market-Perform with a $9 PT following Tuesday’s announcement of the CRL for troriluzole in SCA - see our initial reaction here. This is a painful downgrade, as we remain excited about the LT value of the degrader platform, the original reason for our Outperform rating.

BHVN faces substantial near-term liquidity challenges. We estimate ~$250M in pro forma cash at end of 3Q25, which implies ~3 quarters of runway assuming the company can immediately cut 60% of its direct R&D cash costs as outlined in the press release. Unless Oberland agrees to restructure its note purchase agreement (we think unlikely), we expect any additional financing to be equity not debt, and on very unfavorable terms given the share price. Our model assumes that BHVN will need to raise ~$250M in next 12 months."

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 $8.34 yesterday.

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