H.C. Wainwright reiterated a Neutral rating and $11 price target on Biohaven Pharmaceutical Holding Co. (NYSE: BHVN) following disappointing clinical results for BHV-7000 in major depressive disorder.

The firm said it was not surprised by the failure of BHV-7000 in MDD and noted that investor attention had largely been focused on the upcoming focal onset seizure readout. While some investors had hoped the MDD data might provide a positive catalyst ahead of the FOS results, the analyst said the trial outcome instead reinforced a cautious stance.

The study failed to meet its primary endpoint, which was improvement in MADRS scores over six weeks versus placebo, and also missed secondary endpoints including CGI-S and SHAPS. Although Biohaven planned to conduct additional subgroup analyses, the firm emphasized these would be exploratory only, with no further trials planned for the program.

H.C. Wainwright said Biohaven intended to redirect focus toward priority areas in 2026, including immunology, obesity, and epilepsy. The analyst added that the BHV-7000 results did not materially affect expectations for Xenon Pharmaceuticals' azetukalner Phase 3 MDD program, and the Neutral rating was reaffirmed.