Biohaven drops as Morgan Stanley cuts PT after bipolar drug failure

Biohaven

07/03/2025 16:57

** Shares of drug developer Biohaven BHVN.N fall 1.6% to $29.92

** Brokerage Morgan Stanley cuts PT on BHVN to $63 from $69, after co's experimental bipolar disorder drug failed in a study

** Co on Monday said the drug, BHV-7000, did not show statistical improvement in symptoms of extreme mood swings in a mid-to-late stage trial when measured on a scale

** Brokerage now anticipates 2035 sales of $1.4 bln for the drug vs. $1.5 bln prior, which includes potential treatment for neurological diseases like different types of epilepsy and major depressive disorder

** Adds primary focus for the stock to remain on U.S. FDA's decision on brain disorder drug troriluzole this summer

** Brokerage maintains "overweight" rating; new PT is more than double upside to the stock's last close on Thursday

** BHVN has fallen 47.7% in the past 12 months

 (Reporting by Siddhi Mahatole)

 ((siddhi.mahatole@thomsonreuters.com))