BofA downgraded Biohaven (BHVN) to Underperform from Neutral with a price target of $11, down from $12, to reflect a "bearish view" on the risk-reward into the next major near-term catalyst, namely Phase 3 data for kv7 in epilepsy that is due in the second half of the year. With Biohaven at least two years behind Xenon Pharmaceuticals (XENE) the firm sees downside risk to consensus' $1B peak sales absent clinical differentiation, the analyst tells investors.
