Opakalm epilepsy data expected in 2H26

研报英文原文证据摘录

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M

Idea

August 11, 2026 11:48 AM GMT

Morgan Stanley & Co. LLC

Biohaven Ltd | North America

Terence C Flynn, Ph.D.

Equity Analyst

Opakalim epilepsy data

expected in 2H26

Alexander Yevdokimov, Ph.D.

Research Associate

Damien H Kerner

Research Associate

What’s Changed

Biohaven Ltd (BHVN.N)

From

To

Price Target

$18.00

$19.00

Hailey Horowitz

Research Associate

Chris Yu, J.D., Ph.D.

Equity Analyst

AlphaSignals Earnings Reaction

Unchanged

In-line

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Connor M Massari

Equity Analyst

Morgan Stanley India Company Private Limited+

Saket Agarwal

Key pipeline programs remain on track, with Opakalim Ph2/3

focal epilepsy data expected in 2H and BHV-1300 (IgG MoDE

degrader) now in Ph3. We update our model for 2Q results and

trends; we reiterate our OW rating, and our PT goes to $19.

Key pipeline programs remain on track across immunology, neurology, and

obesity/oncology.

(1) Opakalim (BHV-7000; Kv7 activator): BHVN reiterated that topline results from

Research Associate

Biohaven Ltd (BHVN.N, BHVN UN)

Biotechnology | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 10, 2026)

Mkt cap, curr (mm)

52-Week Range

Overweight

Attractive

$19.00

$14.54

$2,196

$18.53-7.49

the Ph2/3 RISE3 trial in focal epilepsy remain on track for 2H26, the first of two

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

registration-directed studies and, in our view, the key near-term catalyst for the

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

Div yld (%)

(6.87)

NM

(6.66)

stock. Recall, in focal epilepsy OLE, opakalim achieved a ≥50% responder rate of

54% comparable to Xenon Pharmaceuticals’ (not covered) azetukalner (AZK; Kv7

potassium-channel activator) data, while maintaining lower rates of dizziness,

somnolence, fatigue, and memory impairment, though cross-trial comparisons are a

key caveat, and we await more definitive pivotal data. We forecast risk-adjusted

2035 opakalim sales of $267mn, which assumes a 40% probability of success (POS)

…