2023-06-01 13:42:26 ET
Shares of Biohaven Ltd. ( NYSE: BHVN ) added ~14% to reach an all-time high on Thursday following three straight sessions of gains, a day after the neuro-pharmaceutical drug developer conducted its R&D Day.
The New Haven, Connecticut-based biotech disclosed pipeline and regulatory updates at the event on Wednesday in conjunction with the ongoing Yale Ventures' Innovation Summit 2023.
Highlights of the event include Biohaven's ( BHVN ) plans to begin pivotal trials for the neurology candidate BHV-7000, targeting focal epilepsy and bipolar disorder in H2 2023.
Having recruited about 225 patients globally, the company also expects to complete enrollment in a Phase 3 trial for Taldefgrobep Alfa in spinal muscular atrophy this year.
Biohaven ( BHVN ) was spun out of its legacy company Biohaven Pharmaceuticals just before Pfizer's ( PFE ) ~$12B acquisition of the migraine drugmaker in 2022.
"We believe this year will prove to be busy for the New Biohaven team considering the multiple value-creating milestones in the near term," Cantor Fitzgerald analyst Charles Duncan wrote with an Overweight rating and a $31 per share target on BHVN ahead of the event.
More on Biohaven
- Biohaven initiated at overweight at JP Morgan on neurological targets
- Biohaven Ltd: Assessing The Spinoff
- Biohaven: Spun And Done - Time To Exit
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Biohaven hits an all-time high after R&D Day