Cantor Fitzgerald analyst Charles Duncan reiterates an Overweight rating and $87 price target on Biohaven Pharmaceutical shares after the company presented new timing for key milestones at a competitor's conference. The analyst notes that the NDA filing has been accepted and a PDUFA date for rime' ODT has been set for Q1 of 2020. Further, at this time the FDA does not plan to hold an Advisory Committee meeting, and did not identify any issues with the application during a preliminary evaluation, he adds. Duncan is not surprised about the possible lack of an AdCom given experience with CGRP-mAbs, and continues to view rapid-rime with a high PoS due to its convenience benefit, rapid onset of action, and 2 day sustained clinical benefit.

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.