Why Are Biohaven Shares Trading Lower On Monday?

Biohaven Pharmaceutical Holding Company Ltd BHVN has announced results from a focused analysis of verdiperstat trial in verdiperstat in multiple system atrophy (MSA).
Verdiperstat did not differ statistically from placebo on the prespecified primary efficacy measure or the key secondary efficacy measures.
Initial safety data were consistent with the overall profile of verdiperstat from prior clinical trial experience.
Additional analyses are still pending, and full study results will be presented at an upcoming scientific meeting.
An ongoing amyotrophic lateral sclerosis (ALS) trial of verdiperstat is conducted with the Sean M. Healey & AMG Center at Massachusetts General Hospital. Enrollment will be completed in Q4 of 2021.
MSA is a rare, rapidly progressive fatal neurodegenerative disease that leads to death within a median of 6-10 years after the onset of symptoms.
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Price Action: BHVN stock is down 3.81% at $126.96 during the premarket session on the last check Monday.