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Fly News Breaks for February 10, 2020
Feb 10, 2020 | 09:01 EDT
Shares of Biohaven Pharmaceutical should not be down this much on this morning's failed Phase 3 clinical trial evaluating troriluzole compared to placebo for the treatment of patients with generalized anxiety disorder, Piper Sandler analyst Tyler Van Buren tells investors in a research note. The stock in premarket trading is down 15%, or $7.56, to $43.69. The shares should be down a few dollars at most, since virtually no one included the opportunity in their model, Van Buren argues. In addition, Biohaven still has troriluzole programs ongoing in Alzheimer's, obsessive compulsive disorder and spinocerebellar ataxia, the analyst points out. For Alzheimer's in particular, Van Buren continues to believe that the bar for the recent Phase II/III interim futility analysis was relatively high and that the significance of it was underappreciated. More importantly, he says, is the approval for the acute treatment of migraine and Phase III prevention data for rimegepant "any day now." The analyst keeps an Overweight rating on Biohaven Pharmaceutical with a $100 price target.
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