Biohaven’s data delay degrades stock price

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Hello! Today, we dig into Biohaven’s plans and see Humira biosimilar prescriptions shoot up.

The need-to-know this morning

• Intra-Cellular Therapies reported positive results from a late-stage clinical trial seeking to expand the use of its antipsychotic medicine Caplyta to patients with major depressive disorder.
• Johnson & Johnson reported first-quarter adjusted earnings of $2.71 per share on total revenue of $21.38 billion — results that were mostly in line with analyst forecasts. The diversified health care giant made a small upward change to its 2024 outlook.

Biohaven’s data delay degrades stock price

Shares fell 16% yesterday after the company offered investors a double dose of  confusing updates about BHV-1300, a closely followed drug designed to remove harmful proteins from the body, in this case an autoantibody called IgG that is implicated in a host of autoimmune diseases.

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