BioHaven (BHVN) a name that triggered a 200MA breakout late last week and is working out of a long weekly base with AVWAP from the March highs at $41.75 in focus as weekly MACD and RSI both triggering fresh buy signals.

BHVN is a clinical-stage biotech company with an extensive pipeline of drugs that treat neurological, immunological, and neuromuscular/metabolic disorders. Biohaven’s novel protein-targeting technology, called MoDE aims to degrade disease-causing proteins. Its lead immunology drugs, 1300 and 1310 offer potential for $2B peak sales by 2040. Biohaven’s most advanced drug program, ‘7000, is the largest single-product value driver with multi-billion peak revenue potential. It targets ion channels in the brain to treat neurological conditions (epilepsy, depression, and bipolar mania).

Key Biohaven catalysts in the next 12-18 months include 1) MoDE platform validation in 2H24 – we look to Ph1 PD data for BHV-1300 from SAD (two higher dose cohorts) and MAD (rheumatoid arthritis patients); 2) Ph3 data of anti-myostatin class in adj. SMA in 2H24; 3) topline data from troriluzole’s Ph3s in OCD in 1H25 (interim in 2H24 if triggered, highly unlikely; we assign low POS); 4) read-through to BHV-1300 in adj. RA from competitor FcRn – data from JNJ’s nipocalimab’s Ph2 study in 2H24; 5) initial data from myostatin class in obesity in 2Q25; 6) BHV-7000 – data from mood trials, MDD, and BP mania in 2025 (exact timing contingent on trial enrollment).

BHVN options have seen some bullish positions adjust to September from August with the $30 calls 945X bought and the $40 calls 1500X bought in open interest.

BHVN insiders bought a lot of stock in April/May with multiple Directors acquiring shares in the $34-$41 zone and more buying in June and July.

BAML is out positive this morning initiating coverage at Buy with a $52 target most bullish on its two programs for mood disorders and autoimmune conditions.