Mar. 3 at 2:28 PM
Piper Sandler
$BHVN (OW;
$30): Remain Overweight-rated on BHVN shares following Q425 reporting as we look ahead to a catalyst-rich 2026.
$XENE
$TVTX $VERA
In the near term, we look forward to important readthrough for opakalim from the azetukalner
focal epilepsy readout this month, setting the stage for BHVN's RISE 3 data in 2H26 (and, we expect, RISE 2 data in ~1H27).
We like the increasing emphasis on the degrader platform, and anticipate the initiation of the pivotal BHV-1400 IgAN trial in Q126 and the start of the pivotal BHV-1300 Graves' disease trial in 2H26, alongside potential clinical updates at the annual R&D Day in late-May.
To close out the year, we also expect T alfa P2 obesity data, though don't ascribe credit here. With a narrowed pipeline focus, catalyst flow throughout the year, and partnering/out-licensing of non-priority assets serving as a potential source of non-dilutive capital, we think shares can work from here.
