RBC Capital analyst Leonid Timashev downgraded Biohaven Pharma (NYSE: BHVN) from Outperform to Sector Perform with a price target of $19.00 (from $23.00).

The analyst comments: “We had been looking for the Kv7 program to provide an upside catalyst and bridge the gap to additional data from the degraders, helping balance the overall risk profile. With shares up ~100% since the lows earlier this year, we think this has largely occurred, as the Kv7 deal has strengthened the balance sheet enabling BHVN to have line of sight to future readouts. From here, we still see longer term upside, but balanced by both a higher risk profile (more limited patient data, less validated mechanisms, regulatory questions) and fewer major catalysts over the next 12 months, so we see shares trading more in-line for the time being. Our rating goes to Sector Perform, Spec. Risk (from Outperform; Spec. Risk) and price target to $19 (from $23) on model updates reflecting recent Kv7 deal.”

For an analyst ratings summary and ratings history on Biohaven Pharma click here. For more ratings news on Biohaven Pharma click here.

Shares of Biohaven Pharma closed at $15.69 yesterday.