Biohaven falls after depression drug fails mid-stage trial

Shares of Biohaven BHVN.N fall 10.4% to $9.69

Company said on Wednesday its experimental depression drug did not meet the main goal of a mid-stage trial

BHVN is studying the drug, BHV-7000, for the treatment of major depressive disorder

At least two analysts say the miss was not surprising

Study miss is disappointing, brokerage William Blair says, but as with many studies in MDD, "we were cautious heading into this study, given difficulties in clinical trial execution and placebo creep in trials over recent years"

"We do not think this outcome will help fundamentals or sentiment, especially given the string of negative pipeline disclosures for the company in the last year," says brokerage J.P.Morgan

Up to last close, stock down 71% YTD