Biohaven Pharmaceutical (BHVN) this morning reported "impressive" topline data from the Phase III trial testing the Zydis orally dissolving tablet formulation of rimegepant, Piper Jaffray analyst Tyler Van Buren tells investors in a research note. The study not only achieved statistical significance on both co-primary endpoints, "but surprisingly" also demonstrated an "incredibly rapid" 15 minute onset of action, says the analyst. Further, he notes that Biohaven reported pooled safety data from what is now three Phase III rimegepant studies and that the candidate "continues to be safe and well tolerated" with no signal of liver toxicity. Van Buren believes the new data "definitely makes" rimegepant a superior product to Allergan's (AGN) ubrogepant and the "best-in-class" oral calcitonin gene-related peptide. He reiterates an Overweight rating on Biohaven with a $65 price target and recommends that investors buy the stock "aggressively."

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The deal size was i creased to $230M in common stock from $200M in common stock and the range was $40.50-$42.00. JPMorgan acted as sole book running manager for the offering.

These names in the biotech sector are seeing a substantial increase in search activity today, as determined by InvestingChannel. They include: Soligenix (SNGX),... To see the rest of the story go to thefly.com. See Story Here