Why Biohaven Stock Is Crashing Today
Shares of Biohaven Ltd. (NYSE: BHVN) were crashing 27.5% lower at 11:50 a.m. ET on Thursday. This big sell-off came after the company provided updates on several programs.
The most important news for investors is related to Biohaven's New Drug Application (NDA) filing for troriluzole in treating spinocerebellar ataxia type 3 (SCA3), an ultrarare neurodegenerative disorder. The U.S. Food and Drug Administration (FDA) told the company that it won't review the NDA because the primary endpoint wasn't met in the study that formed the basis for the submission.
This update overshadowed more encouraging developments for Biohaven on other fronts. The company announced positive interim electroencephalogram (EEG) data from a phase 1 study of the experimental drug BHV-7000. It also reported progress in an ongoing phase 1 study of BHV-8000.
Source Fool.com
