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UBS has initiated coverage of Biohaven (New York Stock Exchange:BHVN) with a Buy rating, citing its attractive valuation and diverse portfolio.
The investment bank said it was “optimistic about the project which represents a diverse set of innovative programs.
He added that sees a readout of Phase 3 data for the drug Talde in the treatment of spinal muscular atrophy, expected in the second half of 2024, as a potentially key catalyst for action.
UBS also said that pursuing obesity talde “may generate significant enthusiasm behind the action.” A Phase 2 study of the anti-obesity drug is expected to begin in the first half of 2024.
UBS added that an upcoming data reading on troriluzole for OCD could have an “unforeseen upside” for the stock. The reading is expected in the second quarter.
The bank set a price target for the stock at $59.
