Biohaven price target raised to $65 from $63 at BofA

BofA raised the firm’s price target on Biohaven to $65 from $63 to reflect a favorable read-through from competitor SMA data, while keeping a Buy rating on the shares. While there remains some risk to Biohaven’s myostatin Phase 3 program given mechanistic differences and Phase 3 trial design distinctions, the firm believes the competitor data warrant increasing Biohaven’s myostatin probability of success to 60% from 45% prior. Based on global SMN therapy sales and rare price comps, BofA models peak global sales of $780M with upside depending on strength of Biohaven’s Phase 3 data.