A new drug was not approved by the FDA, causing Biohaven (BHVN.US) stock price to plummet by 40%! Bank of America downgrades rating to "neutral"

According to the Wise Financial APP, on Wednesday, Biohaven (BHVN.US) stock price plummeted by 40.22%, hitting a new 52-week low. Prior to this, the company announced that the Food and Drug Administration (FDA) had issued a complete response letter (CRL) rejecting the approval of its main asset Vyglxia (troriluzole) for market. In response, a Bank of America lowered the stock rating from "buy" to "neutral", and significantly decreased the target price from $49 per share to $10 per share.