Biohaven price target lowered to $57 from $73 at Bernstein

Bernstein lowered the firm’s price target on Biohaven (BHVN) to $57 from $73 and keeps an Outperform rating on the shares. The firm notes the company’s Q4 update included mixed degrader Phase 1 MAD data, with solid 80% IgG reduction at 4 weeks, but time to peak reduction doesn’t look differentiated vs FcRn’s. Meanwhile, a high-risk trial in bipolar did not work. Biohaven closed down 14% and “likely needs to raise before the next major stock catalysts.” Bernstein thinks the stock reaction is justified and thinks it’s mostly degrader plus cash concerns even as FcRn competitor Immunovant (IMVT) declined 10% presumably on negative readthrough.