Piper Sandler analyst Tyler Van Buren reiterates an Overweight rating on Biohaven Pharmaceutical (BHVN) with a $100 price target after the company announced the FDA approval of quick-dissolving Nurtec ODT for the acute treatment of migraine. This is the second approval for the next generation oral CGRP class of drugs as Allergan's (AGN) Ubrelvy received approval at year-end, Van Buren tells investors in a research note. However, Nurtec's onset is around 30-60 minutes, while Ubrelvy's is 60-90 minutes, and sustained pain freedom was demonstrated out to 48 hours for Nurtec versus 24 hours for Ubrelvy, adds the analyst. He believes Nurtec "is now definitively the superior product by virtue of its superior label."

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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.