Goldman Sachs analyst Paul Choi lowered his price target on Biohaven Pharmaceutical shares to $76 from $89 following the announcement that troriluzole missed the primary endpoint in its Phase 3 study vs. placebo in a generalized anxiety disorder, or GAD, study. Investor expectations about GAD were relatively low and he thinks the stock reaction likely reflects a mix of the Phase 3 data as well as some concern that the Phase 3 rimegepant migraine prevention trial has not reported top line data yet, said Choi. While he sees some limited read through from the "disappointing" GAD data to the other programs in AD, OCD, and SCD, he sees no read through to the CGRP franchise, added Choi, who keeps a Buy rating on Biohaven shares.

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.