Citi reiterates buy rating on Biohaven Pharma amid rival's trial pause

Citi analyst Samantha Semenkow reiterated a Buy rating and $17.00 price target on Biohaven Pharma (NYSE: BHVN).

The call follows competitor Xenon's decision to voluntarily pause new enrollment in its ongoing trials for major depressive disorder and bipolar depression after identifying neuropsychiatric adverse events in a larger psychiatry dataset of its drug azetukalner, including dizziness, somnolence, confusion, and psychosis-related events.

Semenkow noted that Biohaven's drug opakalim has shown different tolerability data, with updated open-label extension data showing somnolence and dizziness rates of 3% and 4%, respectively, and a 95% patient rollover rate into the extension study. Biohaven is not pursuing major depressive disorder or bipolar depression indications.

Xenon's epilepsy program appears unaffected by the pause, and its focal seizure new drug application has been submitted to the FDA.

Shares of Biohaven Pharma closed at $13.89 prior to the announcement.

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