What's Going On Pfizer's Subsidiary Biohaven Stock?

Pfizer Inc's PFE subsidiary Biohaven Ltd BHVN released an updated investor presentation with additional data on the company's BHV-1300 program, a potential competitor to FcRn-targeting therapeutics such as argenx's SE ARGX Vyvgart, Immunovant Inc's IMVT IMVT-1402, and Janssen's JNJ nipocalimab. 

According to William Blair, whereas FcRn-targeting biologics work indirectly by reducing the lifespan of IgG through their action on the neonatal Fc receptor (FcRn), which typically safeguards IgG from lysosomal degradation, BHV-1300 takes a direct approach by targeting IgG itself for degradation. 

This unique mechanism sets BHV-1300 apart and is believed to offer several advantages over competitors.

Tuesday, Immunovant announced that subcutaneously administered doses of IMVT-1402 produced dose-dependent reductions in Immunoglobulin G (IgG) in initial data from a Phase 1 trial in healthy adults, with no dose-related changes in serum albumin or LDL-C.

In the Immunovant's data call, the management highlighted that deeper IgG reductions are expected to lead to more clinical response across several indications. 

In Biohaven's latest investor presentation, they shared data concerning the repeated administration of BHV-1300, demonstrating a substantial reduction in IgG levels of over 90% based on several experiments conducted on nonhuman primates (NHPs).

Comparatively, Roivant's repeat dosing data for IMVT-1402 in NHPs indicates an approximate 60% reduction in IgG levels for a 5 mg/kg dose, which falls within the midrange of expected doses for IMVT-1402.

Furthermore, when considering a super-therapeutic dose of 50 mg/kg for IMVT-1402, a remarkable approximate 70% reduction in IgG levels was observed. This dose is anticipated to be roughly five times as potent as the high 680 mg dose of batoclimab and the high 600 mg dose of IMVT-1402.

While Biohaven's updated presentation lacks specific details regarding the dosing frequency responsible for achieving the 90% reduction in IgG in NHPs, cross-referencing the Single Ascending Dose (SAD) data from the same presentation suggests that the dosing frequency is approximately once weekly, aligning with the dosing regimen for IMVT-1402.

Price Action: BHVN shares are up 27% at $22.42 on the last check Wednesday.