Biohaven Shares Down as Phase 3 Trial Concerns Trigger Downgrade at Bofa

Dow Jones06-30

Shares of Biohaven retreated after they were downgraded by analysts at Bank of America on concerns about the upcoming readout from a Phase 3 trial for the company's epilepsy drug, known as Opakalim.

The stock was down 6.3% at $14.84 in Monday afternoon trading. Shares have risen 31% this year.

Even under the best case scenario, the analysts wrote, data for Biohaven's drug is likely to be undifferentiated when compared to Xenon Pharmaceuticals' investigative epilepsy treatment, known as azetukalnar. Undifferentiated data would cast doubt on the consensus view that Biohaven could reach $1 billion in peak sales for the drug, they added.

Biohaven's drug is identified Opakalim on the company's web site.

"Uncompelling Kv data could pressure shares given the company's cash runway concerns and the other sole 2026 catalyst (obesity) carries low derisking value," the analysts added.

They downgraded the stock to underperform from neutral and cut its price target to $11 from $12.

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

June 29, 2026 13:49 ET (17:49 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.

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