What happened
Make it two days in a row of big gains for Biohaven Ltd. (BHVN 3.34%). Shares of the drugmaker skyrocketed 47.7% on Wednesday as of the market close. On Tuesday, Biohaven stock jumped nearly 14%.
The momentum is primarily due to the company's new beginning after being spun off from Biohaven Pharmaceutical. Pfizer (PFE 0.23%) closed on its acquisition of Biohaven Pharmaceutical on Monday, with Biohaven Ltd. created as a spin-off before the transaction finalized.
Today's move was almost certainly sparked in part by Biohaven CEO Vlad Coric's interview on CNBC Tuesday evening. The publicity from this TV appearance appears to have stirred investors' interest in the biotech stock.
So what
There's ample reason for investors to be interested in Biohaven. Pfizer acquired the "old" Biohaven's successful migraine drug Nurtec ODT, and zavegepant, which awaits U.S. regulatory approval for treating migraine. However, the "new" Biohaven retained a pipeline focused on neuroscience and rare diseases. It also kept the management team, including Coric as chairman and CEO.
Biohaven's pipeline now features three late-stage programs. The company is evaluating taldefgrobep alfa in treating spinal muscular atrophy (SMA). It's also conducting two phase 3 studies evaluating troriluzole in treating obsessive-compulsive disorder (OCD) and spinocerebellar ataxias. The latter is a group of rare genetic conditions that affect the coordination of arms, hands, and legs and affect balance and speech.
Now what
It won't be too long before results from Biohaven's late-stage studies are available. The company should complete its phase 3 trial evaluating troriluzole in treating OCD early next year. Results from its clinical studies targeting spinocerebellar ataxias and SMA are expected in 2024.
