Biohaven selloff following degrader data ‘overdone,’ says Baird

After Biohaven shared updated data across its programs that will be presented at today’s R&D day, Baird analyst Brian Skorney said the “most notable” was SAD data from IgG degrader BHV-1300, which showed ramping dose-dependent reductions in mean IgG through Cohort 4. Investor concerns over plateauing effect are driving a selloff, but the firm thinks this is “overdone” as it believes the data validates the platform and is already in the mix with other IgG lowering therapies, with additional doses to come. The firm, which says there is no change to its outlook based on the new data, has an Outperform rating and $58 price target on Biohaven shares, which are down $9.95, or 26%, to $27.99 near 10 am ET.