Biohaven Pharmaceutical Holding (BHVN) PT Lowered to $66 at RBC Capital

RBC Capital analyst Leonid Timashev lowered the price target on Biohaven Pharmaceutical Holding (NYSE: BHVN) to $66.00 (from $68.00) while maintaining a Outperform rating.

The analyst comments "This afternoon BHVN reported 3Q24 earnings. The company's pipeline remains on track for key value inflecting readouts by the end of the year, including in SMA where we see up to 30% upside, and for the IgG degrader, where though investor interest has waned, we believe success could drive as much as 20% upside. Further, we see additional important catalysts in 2025, including from the Kv7 program that we remain very bullish on given competitor success and positive KOL feedback. With a catalyst rich end to the year and additional opportunities in 2025, we would be buyers into BHVN's clinical readouts; price target to $66 on model updates."

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