Biohaven Pharmaceutical weakness a buying opportunity, says Canaccord
Canaccord analyst Sumant Kulkarni noted the FDA issued a complete response letter on Biohaven Pharmaceuticals' NDA for Nurtec used for ALS. The analyst said the CRL appears to be an unfortunate result of issues with the active pharmaceutical ingredient (API) that Biohaven used in its bioequivalence study in 2017. The API was sourced from Apotex, which has had some FDA issues related to a plant in India. He said although a path forward on Nurtec exists, he views the product as relatively non-core to the company/stock. As a result, he would use the weakness as a buying opportunity. Kulkarni reiterated his Buy rating and lowered his price target to $80 from $84 on Biohaven Pharmaceutical shares.