Needham Keeps Their Buy Rating on Biohaven Pharmaceutical Holding Co Ltd

By Austin Angelo

Needham analyst Alan Carr maintained a Buy rating on Biohaven Pharmaceutical Holding Co Ltd (NYSE: BHVN) today and set a price target of $36. The company’s shares opened today at $29.95.

Carr wrote:

“Biohaven released financial results yesterday and we spoke w/ mgmt for an update. Top-line results from remaining Phase 3 Migraine trials of rimegepant (1-year safety trial and orally disintegrating tablet [ODT] trial) are still expected 4Q18. We expect data from these trials as well as from the ubrogepant open-label long-term extension trial later this yr to provide a more complete picture of safety and efficacy profiles. We currently view both the Biohaven and Allergan drugs as competitive, but acknowledge lower pain figures for rimegepant at 2hrs after administration. Mgmt is exploring partnership options for rimegepant, although we currently assume in our model that the drug will be commercialized by Biohaven. Reiterate BUY.”

According to TipRanks.com, Carr is a 4-star analyst with an average return of 5.5% and a 42.2% success rate. Carr covers the Healthcare sector, focusing on stocks such as ACADIA Pharmaceuticals Inc, Rhythm Pharmaceuticals Inc, and Amphastar Pharmaceuticals.

Biohaven Pharmaceutical Holding Co Ltd has an analyst consensus of Strong Buy, with a price target consensus of $31.67.

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Based on Biohaven Pharmaceutical Holding Co Ltd’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $85.46 million. In comparison, last year the company had a GAAP net loss of $18.75 million.

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Biohaven Pharmaceutical Holding Co. Ltd. is a clinical-stage biopharmaceutical company, which engages in the research and development of late-stage product candidates targeting neurological diseases, including rare disorders.