Biohaven Pharmaceutical Holding Co Ltd Received its Third Buy in a Row

By Austin Angelo

After Barclays and Piper Jaffray assigned a Buy rating to Biohaven Pharmaceutical Holding Co Ltd in the last month, the company received another Buy, this time from Needham. Analyst Alan Carr reiterated a Buy rating on Biohaven Pharmaceutical Holding Co Ltd (NYSE: BHVN) today and set a price target of $30. The company’s shares opened today at $25.63, close to its 52-week high of $26.87.

Carr wrote:

“Biohaven reported 1Q17 financial results last week. As a reminder, company completed sale of 11.385M shares at $17.00 per share in IPO in May 2017, generating $193.5M gross proceeds. Biohaven completed enrollment of Phase 2/3 trial of trigriluzole in Spinocerebellar Ataxia in late May 2017. We believe results are likely to be available by YE17. We assume 70% probability success and ~ $700M peak sales 2030 (unch). Mgmt reiterated guidance for initiation of core asset rimegepant Phase 3 program in Acute Migraine in 2H17, followed by top-line results in 1Q18. We continue to expect a positive outcome.”

According to TipRanks.com, Carr is a 4-star analyst with an average return of 9.0% and a 45.4% success rate. Carr covers the Healthcare sector, focusing on stocks such as Catalyst Biosciences Inc, Lexicon Pharmaceuticals, and Aquinox Pharmaceuticals.

Biohaven Pharmaceutical Holding Co Ltd has an analyst consensus of Strong Buy, with a price target consensus of $31.

The company has a one year high of $26.87 and a one year low of $17. Currently, Biohaven Pharmaceutical Holding Co Ltd has an average volume of 361.7K.

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Biohaven Pharmaceutical Holding Co. Ltd. operates as a biopharmaceutical company. It engages in the identification and development of clinical stage compounds targeting orphan neurologic indications and other neurological pathways including rare disorders. It focuses on a pipeline of product candidates that represent mechanistic platforms, calcitonin gene-related peptide receptor antagonists, and glutamate modulators. The company was founded in September 2013 and is headquartered in New Haven, CT.