Core Viewpoint - H.C. Wainwright reiterated a Neutral rating and $11 price target on Biohaven Pharmaceutical Holding Co. following disappointing clinical results for BHV-7000 in major depressive disorder [1] Group 1: Clinical Trial Results - The study for BHV-7000 failed to meet its primary endpoint of improvement in MADRS scores over six weeks compared to placebo [3] - Secondary endpoints, including CGI-S and SHAPS, were also missed in the trial [3] - Biohaven plans to conduct additional subgroup analyses, but these will be exploratory only, with no further trials planned for the program [3] Group 2: Market Focus and Future Directions - Investor attention has largely shifted to the upcoming focal onset seizure readout, with some investors hoping for positive MDD data as a catalyst [2] - Biohaven intends to redirect focus toward priority areas in 2026, including immunology, obesity, and epilepsy [4] - The results of BHV-7000 did not materially affect expectations for Xenon Pharmaceuticals' azetukalner Phase 3 MDD program [4]