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Biohaven: Exciting Times, Lots To Prove

Mar. 02, 2021 12:21 AM ETBiohaven Ltd. (BHVN)4 Comments
Out of Ignorance profile picture
Out of Ignorance


  • Biohaven is working on three distinct approaches to advancing its therapies, its CGRP, its Glutamate and its MPO/UC1MT platforms.
  • Biohaven's sole approved therapy is NURTEC, from its CGRP platform for acute migraines. NURTEC has had a productive 2020 despite launching in 2020 during the pandemic.
  • Biohaven's CGRP platform has potential to grow into a powerful migraine portfolio beyond its NURTEC approved in the treatment of acute migraine.
  • Biohaven is financing its wide-ranging activities with several non-dilutive financings, including its Sixth Street financing and its Royalty Pharma agreement.

In my first Biohaven (NYSE:BHVN) evaluation, "Biohaven: Jumbo Opportunity," I advanced a cautiously optimistic stance on the company. I concluded the article by noting I had taken:

... a small placeholder position in this stock for my speculative biotech portfolio to assure that I continue to watch its progress.

I am continuing to watch. This article is my first report. At this point I see no reason to add to my placeholder position, although I will continue to monitor the situation. Let me explain.

Biohaven's pipeline includes three primary therapy platforms

Biohaven's website lists the following as its three drug development platforms:Biohaven

Its CGRP Platform discussed in more detail below is shaping up to be its most productive on a near-term basis. Its Glutamate Platform product candidates include several shots on goal but none that seems overly attractive:


Troriluzole, (also known as BHV-437, trigriluzole) has also struggled in several indications. Its AD therapy is in a Phase 2/3 study that recently failed to meet its primary and key secondary endpoints. After reporting this disappointment, Biohaven's press release announcing the results went on to report that it was not yet giving up on troriluzole in this indication noting:

A subgroup analysis consisting only of mild AD patients did, however, reveal that troriluzole exhibited a nonsignificant numerical difference of a potential benefit at week 48 on both the ADAS-cog and hippocampal volumetric MRI. Troriluzole treated participants with mild AD (n=48) had a mean deformation change from baseline hippocampal volume of -1.1% versus -1.6% for placebo treated (n=49) participants [difference -0.5%, p-value = 0.2] at week 48. Although the numerical effects on the ADAS-cog and hippocampal MRI measured in mild AD patients suggests a potential biologic effect of troriluzole in patients with early stage disease, additional analyses and biomarker data will be informative and help determine whether any further study in early AD is warranted. Full study results, including additional secondary and exploratory outcomes, biomarker, and

This article was written by

Out of Ignorance profile picture
Writing under the pseudonym "out of ignorance", I very much regard investing as a learning process. Investing failures are tuition paid. Investing successes enter the trove of lessons learned. In my Seeking Alpha articles I share my experience from decades of investing and from ~5 years of focused research on a variety of stocks, in recent years with a primary emphasis on healthcare stocks. I greatly appreciate those who take the time to share their reactions to articles, particularly those who share relevant anecdotes and experiences.

Analyst’s Disclosure: I am/we are long BHVN, ABBV. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

I may buy or sell shares in any stock mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (4)

10 point profile picture
Public offering not going well
Out of Ignorance profile picture
@10 point
Lots to prove...it will take time
ejg80s profile picture
@Out of Ignorance Good write up! Would like to see the stock price go down into the $60s price range to buy some more as it deserves this haircut!
ejg80s profile picture
@ejg80s Looks like the stock has gone to Great Clips for its haircut and GS has 30 days to make up the shortfall in the offering price before they start dumping their shares!
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