Biohaven (BHVN) could benefit from upcoming Kv7 results, later-stage degrader programs and other pipeline updates, while its current cash should support operations into 2027, RBC Capital Markets said in a note Monday.

RBC expects the opakalim Kv7 pivotal study results in H2 to be the next major catalyst and sees a 50% chance of success, with a potential $1.2 billion longer-term opportunity, while Biohaven's degrader programs could become more important over time, representing an opportunity of more than $4 billion by 2035.

Another attempt to revive troriluzole for spinocerebellar ataxia could lift investor expectations, although RBC sees approval as unlikely and Biohaven gave no new update on the program, according to the note.

Obesity study results remain on track for H2, while upcoming oncology data and other programs could create additional partnership opportunities, the investment firm said.

RBC kept the company's outperform rating and raised its price target to $23 from $22.

Price: 14.08, Change: -0.46, Percent Change: -3.16