RBC Capital lowered the firm’s price target on Biohaven (BHVN) to $66 from $68 and keeps an Outperform rating on the shares. The firm’s price target reduction reflects the company’s higher than expected Q3 operating expense and the recent equity raise, though Biohaven also remains on track for key value inflecting readouts by the end of the year, the analyst tells investors in a research note.
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