Biohaven price target raised to $62 from $52 at BofA

BofA analyst Jason Gerberry raised the firm’s price target on Biohaven to $62 from $52 and keeps a Buy rating on the shares following the report of positive pivotal data for troriluzole in spinocerebellar ataxia, or SCA. Given SCA is an ultra-rare indication with no approved treatment options and Biohaven’s prior FDA discussions regarding the protocol/analysis plan, the firm thinks “the company offered enough to warrant inclusion of the program on a risk-adjusted basis. BofA models nominal peak U.S. sales of about $1.5B and notes that the inclusion of troriluzole’s SCA program adds $10 per share to its valuation.