Biohaven's Q2 Report: Leerink Lowers PT to $50 Amid Positive Pipeline Progress

Leerink has lowered its price target for Biohaven (BHVN) to $50 from $60 while maintaining an Outperform rating. This follows the Q2 2025 earnings report and updates on the pipeline, including the lead candidate VYGLXIA (troriluzole) for treating spinocerebellar ataxia/SCA. Biohaven is preparing for a potential commercial launch, with the PDUFA date still scheduled in Q4 this year. The company's MoDE and TRAP degrader platforms are also advancing, with promising results in Phase 1 studies.

NEW YORK, July 2, 2025 /PRNewswire/ -- Pomerantz LLP has announced the filing of a class action lawsuit against Biohaven Ltd. (NYSE: BHVN) and certain officers. The lawsuit, filed in the United States District Court for the District of Connecticut, seeks damages for securities violations that occurred during a specified class period. The class consists of all persons and entities that purchased Biohaven securities between March 24, 2023, and May 14, 2025, inclusive [1].

The class action alleges that Biohaven and its top officials made materially false and misleading statements regarding the company's business, operations, and prospects. Specifically, the lawsuit claims that Biohaven overstated the regulatory prospects of troriluzole, a treatment for spinocerebellar ataxia (SCA), and its clinical efficacy for bipolar disorder [1].

In May 2022, a Phase 3 trial evaluating troriluzole's efficacy as a treatment for SCA failed to meet its primary endpoint. Despite this, Biohaven continued to promote troriluzole's viability and regulatory prospects [1]. In July 2023, the FDA rejected the troriluzole New Drug Application (NDA) due to the failed trial, leading to a significant drop in Biohaven's stock price [1].

Biohaven's stock price has since experienced further declines following additional regulatory setbacks. In April 2025, the European Medicines Agency (EMA) withdrew Biohaven's troriluzole Marketing Authorization Application (MAA) [1]. On May 14, 2025, the FDA extended the PDUFA date for the troriluzole NDA by three months, further delaying potential commercial launch [1].

Leerink has recently lowered its price target for Biohaven to $50 from $60, maintaining an Outperform rating. The downgrade follows the Q2 2025 earnings report and updates on Biohaven's pipeline, including the lead candidate VYGLXIA (troriluzole) for treating SCA. Biohaven is preparing for a potential commercial launch, with the PDUFA date still scheduled in Q4 this year. The company's MoDE and TRAP degrader platforms are also advancing, with promising results in Phase 1 studies [2].

Investors are encouraged to review the Complaint and contact Danielle Peyton at Pomerantz LLP for more information or to discuss this action [1].

References:
[1] https://www.morningstar.com/news/pr-newswire/20250816dc48907/pomerantz-law-firm-announces-the-filing-of-a-class-action-against-biohaven-ltd-and-certain-officers-bhvn
[2] Leerink