Biohaven price target lowered to $58 from $66 at RBC Capital

RBC Capital analyst Leonid Timashev lowered the firm’s price target on Biohaven (BHVN) to $58 from $66 and keeps an Outperform rating on the shares after the company reported that its Phase 3 study of taldefgrobep in SMA missed its primary endpoint. After having had a chance to catch up with management, the analyst says that the company noted some favorable trends which it will discuss with the FDA and Jefferies sees some possibility that Biohaven can ultimately get the drug “over the line.” The firm, which adds that it had always seen this trial as relatively high risk and believes investor expectations were largely in line with its views, argues that this “should minimize downside, especially with shares having retreated recently.”