Raymond James initiates coverage on Biohaven with Strong Buy rating, PT $75

Raymond James initiates coverage on Biohaven with Strong Buy rating, PT $75

Raymond James has initiated coverage on Biohaven Pharmaceutical Holding Company Ltd. (BHVN) with a Strong Buy rating and a price target of $75. The firm's research highlights the company's robust pipeline of therapies for neurological and neuropsychiatric diseases, including rare disorders, and its recent regulatory progress.

Biohaven, a United States-based commercial-stage biopharmaceutical company, focuses on improving the lives of patients with debilitating conditions. Its Neuroinnovation portfolio includes NURTEC ODT (rimegepant) for migraine treatment and a pipeline of product candidates across five platforms: CGRP receptor antagonism, glutamate modulation, MPO inhibition, Kv7 Ion Channel Activators, and Myostatin [1].

The Strong Buy rating is driven by Raymond James' optimistic outlook on Biohaven's regulatory progress and market potential, particularly for Troriluzole, a drug candidate for Spinocerebellar Ataxia (SCA). The company's AdCom (Advisory Committee) expectation aligns with the majority of applications requesting a first drug approval for a rare disease indication, which typically receive an AdCom [2].

Analysts have shown strong consensus on Biohaven's potential, with 13 analysts giving a Strong Buy rating in the past three months. The average 12-month price target is $42.50, representing a 176.15% upside from the current price of $15.39. The highest price target is $60.00, while the lowest is $19.00 [2].

Raymond James' Strong Buy rating and $75 price target reflect the firm's belief in Biohaven's strategic shifts and upcoming milestones, which justify a bullish outlook despite recent setbacks. The company's pipeline and market potential position it well for growth in the biopharmaceutical sector.

References:
[1] https://www.marketscreener.com/news/raymond-james-initiates-biohaven-at-strong-buy-with-75-price-target-ce7d59dad08ff020
[2] https://www.tipranks.com/stocks/bhvn/forecast