Biohaven Pharmaceutical Holding (BHVN) PT Raised to $160 at H.C. Wainwright
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H.C. Wainwright analyst Douglas Tsao raised the price target on Biohaven Pharmaceutical Holding (NYSE: BHVN) to $160.00 (from $135.00) while maintaining a Buy rating.
The analyst commented, "Nurtec once again exceeded expectations, demonstrating the strong commercial execution as well as the drug’s unique profile both treating and preventing migraines. Preliminary sales clocked in at $136M, up 46% Q/Q; about 33% above our estimates at $102M and roughly 20% above consensus at $114M. Investors have become used to the beats and shares were down 0.15% vs the XLV up 0.60% despite the strong beat. However, we continue to think Nurtec’s long-term potential remains underappreciated. Nurtec is the only treatment approved for breaking a migraine attack (abortive), boasting the fastest onset of action in the oral gepant class, and also for prophylactic use with every-other-day dosing that allows for treatment of breakthrough headaches on off days. We see these as significant advantages to Abbvie’s (ABBV; not rated) Ubrelvy that is only approved as an abortive and note the recent market leadership in TRx and continued dominance in NBRx (61%). We believe that favorable initial experience using Nurtec to break attacks is rapidly translating into the preventative space as providers are more likely to prescribe and patients more likely to try, a fact that Biohaven’s commercial organization is good at leveraging. We aren’t too concerned with the recent approval of Qulipta (atogepant) as a preventative impacting Nurtec's growth given its much-less favorable label related to safety and adverse events among its more complex dosing and inability for abortive use. Of particular note are the cases of liver enzyme elevations 3x above the upper limit of normal, which we believe is going to raise eyebrows given the liver safety issues of the gepant class. Due to the continued strength of Nurtec sales we raise our price target to $160 from $135 and reiterate our Buy rating."
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