Mizuho analyst Vamil Divan said he spoke with Biohaven's CEO following the disappointing data readout for troriluzole in generalized anxiety disorder and that conversation left the analyst with "continued confidence" in the rimegepant program in both acute migraine treatment and migraine prevention. Divan, who removed the $100M in probability-adjusted sales that he'd modeled for troriluzole in GAD, lowered his price target on Biohaven shares to $58 from $62, but keeps a Buy rating on the shares, citing the "significant upside" potential seen for rimegepant.

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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.