Biohaven drops as Morgan Stanley cuts PT after bipolar drug failure

Shares of drug developer Biohaven BHVN.N fall 1.6% to $29.92

Brokerage Morgan Stanley cuts PT on BHVN to $63 from $69, after co's experimental bipolar disorder drug failed in a study

Co on Monday said the drug, BHV-7000, did not show statistical improvement in symptoms of extreme mood swings in a mid-to-late stage trial when measured on a scale

Brokerage now anticipates 2035 sales of $1.4 bln for the drug vs. $1.5 bln prior, which includes potential treatment for neurological diseases like different types of epilepsy and major depressive disorder

Adds primary focus for the stock to remain on U.S. FDA's decision on brain disorder drug troriluzole this summer

Brokerage maintains "overweight" rating; new PT is more than double upside to the stock's last close on Thursday

BHVN has fallen 47.7% in the past 12 months