Biohaven Crashes After Protein-Degrading Drug Misses Expectations

 Biohaven (BHVN) stock crashed Wednesday after the company's experimental protein-degrading drug — which could be used to treat a myriad of immune-related diseases — lagged investor expectations.

The company tested four doses of its drug, BHV-1300, which is meant to break down immunoglobulin G, or IgG, an autoantibody at the center of diseases like rheumatoid arthritis and myasthenia gravis. In healthy volunteers, the doses reduced IgG by up to 37%.

Biohaven called the results "positive," noting that IgG levels began to fall without hours of treatment. But the results fell far short of expectations for 60% lower IgG levels, William Blair analyst Tim Lugo said in a report. Biohaven is going up against Argenx (ARGX) and Immunovant (IMVT) in this space.

https://www.investors.com/news/technology/biohaven-stock-protein-degrading-drug-argenx-immunovant/