RBC Capital Markets has given an auspicious start to Biohaven (NYSE:BHVN), initiating its coverage with an outperform rating. The endorsement is based on the company’s epilepsy drug candidate BHV-7000, as well as its overall business strategy.

Commenting on the decision, the analysts at RBC highlighted the company’s approach, stating, “We like the way BHVN identifies promising technologies and targets and then leverages its management expertise to optimize the development path based on competitor data to become a fast-follower in high-value therapeutic areas.”

The RBC report also pointed out the potential in the market for two Kv7 modulators in epilepsy, with BHV-7000 projected to achieve sales of more than $1 billion. The analysts expressed optimism about the long-term prospects, acknowledging the potential of the Kv7 program and other pipeline advances.

RBC has set the price target for Biohaven’s stock at $62.