Key Points
That pundit flagged the stock as a buy.
He also expects it to more than double in price.
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Biohaven (NYSE: BHVN) stock got quite the shot in the arm as the trading week began. On Monday, an analyst initiated coverage of the clinical-stage biotech with a very bullish buy recommendation; not suprisingly, investors took this to heart and pushed the price of the shares up by more than 10% that trading session.
A new bull appears on the scene
The person behind the initiation was Canaccord Genuity's Sumant Kulkami, who flagged Biohaven as a buy with a price target of $21 per share. That figure is significant, as it's more than double Biohaven's present level, even after the Monday price pop.
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According to reports, Kulkami indicated he was particularly impressed with the company's opakalim, a drug that mainly targets epileptic seizures (although it's also being evaluated for inherited erythromelalgia, a condition that results in chronic pain). Opakalim is currently in phase 3 clinical testing for focal epilepsy.
Kulkami basically sees Biohaven as a sleeper play on this trial and believes now is an especially opportune time to buy the stock ahead of its top-line readout. This is anticipated to occur in the second half of this year.
Obvious potential
The fortunes of biotechs, particularly those in the clinical stage, depend crucially on what happens in the lab. So far, opakalim has performed very well (though not across all indications) and is well advanced in development, so we might be looking at commercialization in the near future. That's an exciting possibility, and it makes this inexpensive stock worth considering as a buy.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
