Piper Jaffray analyst Tyler Van Buren reiterated an Overweight rating and $100 price target on Biohaven (BHVN) after Allergan's (AGN) and soon-to-be AbbVie's (ABBV) UBRELVY/ubrogepant received approval for the acute treatment of migraine. Van Buren said that while he wasn't expecting a black box warning or serious safety warnings related to liver toxicity, there seems to be no mention of increased ALTs on the label at all, therefore the label is "incredibly clean." The analyst said he believes this "clearly bodes very well" for the class as a whole and Biohaven's rimegepant, which had even cleaner safety and tolerability data.

UBS raised the firm's price target on Biohaven to $60 from $59 and keeps a Buy rating on the shares after hosting meetings with management. The stock's 28% selloff since April 15 represents an "attractive opportunity," the analyst tells investors in a research note. The firm sees an attractive risk/reward into the Phase 1 degrader data on May 29. A key opinion leader viewed Biohaven's degrader platform as an elegant approach to various disease modalities, says UBS. The firm says the stock's bear case is overdone.