Biohaven Pharmaceutical's "potentially superior" glutamate drug troriluzole passed the Alzheimer's Phase II/III interim futility analysis at six months, Piper Jaffray analyst Tyler Van Buren tells investors in a research note. While no details of the data were disclosed, the analyst believes the bar for futility was relatively high. Troriluzole is demonstrating meaningful efficacy on top of placebo, the probability of the study ultimately succeeding has increased, and it is likely time to add some value for this potentially "very large" Alzheimer's opportunity, says the analyst. He keeps an Overweight rating on Biohaven shares with a $100 price target. The stock in morning trading is up 5%, or $2.48, to $56.24.

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