Stock Alert: Biohaven Pharmaceutical Down 7%

(RTTNews) - Shares of Biohaven Pharmaceutical Holding Company Ltd. (BHVN) are currently down 7% despite announcing positive results from a Phase 2/3 clinical trial evaluating oral Nurtec (rimegepant) for the prevention of migraine in both episodic and chronic migraine sufferers.

The company said it will now engage to the U.S. FDA and European Medicines Agency to submit a sNDA and MAA.

The FDA approved the calcitonin gene-related peptide receptor antagonist last month for the acute treatment of migraine in adults.

The study met the primary endpoint of demonstrating a statistically significant reduction in monthly migraine days compared to placebo. Specifically, patients receiving 75 mg of rimegepant every other day experienced a mean reduction of 4.5 migraine days per month versus a mean reduction of 3.7 days in the control arm.

BHVN is currently trading at $32.90, down $2.38 or 6.75%, on the Nasdaq.