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RBC Capital Markets has initiated Biohaven Ltd (NYSE:BHVN), noting optimized development across programs.
The analyst highlights the company’s way of identifying promising technologies and targets and leveraging its management expertise to optimize the development path based on competitor data to become a fast follower in high-value therapeutic areas.
RBC analyst says the Kv7 modulators are an exciting new mechanism in the neuro-psych space with a blockbuster potential of $3.2 billion across epilepsy and mood disorders and, like Biohaven’s approach of leveraging learnings from competitor Xenon Pharmaceuticals Inc (NASDAQ:XENE) to accelerate its development path.
RBC has initiated Biohaven with an Outperform, Speculative Risk rating, and a price target of $62.
The analyst sees potential for BHV-7000 to differentiate and close the gap to key competitor Xenon.
RBC recognizes the limited effectiveness data and potential risks associated with formulation changes. However, RBC expresses optimism about the distinctive safety profile of Biohaven’s BHV-7000 and perceives its mechanism as largely derisked.
Drawing parallels with the success of Karuna Therapeutics Inc (NASDAQ:KRTX) and Cerevel Therapeutics Holdings Inc (NASDAQ:CERE) in the schizophrenia market, RBC believes that both BHV-7000 and Xenon’s XEN1101 can thrive in the epilepsy and mood disorder market, foreseeing increased adoption of this drug class facilitated by both companies.
RBC Capital anticipates that the lead asset Kv7-7000 holds exceptional potential in treating epilepsy and mood disorders.
The upcoming Phase 3 trial results expected this year could significantly reduce late-stage development risks, offering substantial opportunities upon successful outcomes.
Despite the inherent risks associated with clinical trials, a capable management team with a track record of success and various upcoming catalysts reinforces belief in the long-term value of Biohaven’s shares as its programs progress, RBC notes.
Price Action: BHVN shares are up 1.28% at $49.74 on the last check Friday.
Photo via Wikimedia Commons
