H.C. Wainwright analyst Douglas Tsao reiterated a Neutral rating and $10.00 price target on Biohaven Pharma (NYSE: BHVN).

The analyst commented: "We remain cautious ahead of the upcoming 2H26 pivotal readout for opakalim in FOS, which is the key catalyst for Biohaven. Xenon’s (XENE; Buy) recent Phase 3 success in X-TOLE2 with azetukalner meaningfully de-risks Kv7 activation as a mechanism in refractory epilepsy, but we do not think it directly validates opakalim. If anything, the azetukalner data likely raises the bar for Biohaven, as investors will be focused not only on whether opakalim works, but whether it can show enough efficacy and tolerability differentiation to support a credible competitive positioning. Biohaven has continued to highlight opakalim’s selectivity and low rates of sedation/somnolence as potential sources of differentiation, though the relatively low rates of sedation for azetukalner in X-TOLE2 make that a tougher basis for differentiation. Notably, sedation and somnolence are "on target" effects of the Kv7 mechanism. We reiterate our Neutral rating and price target of $10 for Biohaven."

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Shares of Biohaven Pharma closed at $9.08 yesterday.