Biohaven Ltd.
(NYSE:BHVN) shares fell Monday after Bank of America Securities (BofA) downgraded the biotechnology company, citing an unfavorable risk-reward profile ahead of a key late-stage epilepsy trial.
BofA analyst Dina Ramadane downgraded Biohaven to Underperform from Neutral and lowered the price forecast to $11 from $12.
Biohaven Faces High Bar For Key Epilepsy Catalyst The brokerage said its more cautious stance reflects concerns over Biohaven's next major catalyst, Phase 3 data for Opakalim (BHV-7000) in epilepsy, expected in the second half of 2026.
Ramadane said the best-case outcome would be Phase 3 data that is largely undifferentiated from Xenon Pharmaceuticals Inc.'s (NASDAQ:XENE) azetukalnar.
