Biohaven Pharmaceutical (NYSE:BHVN) shares fell 1.9% in premarket trading after RBC Capital downgraded the stock to "Sector Perform" from "Outperform" and lowered its price target to $19 from $23.

RBC stated that the downgrade was primarily based on valuation considerations, as Biohaven's stock had risen approximately 100% from its 2026 lows and about 39% year-to-date, making the risk-reward profile less favorable.