** Brokerage RBC Capital Markets downgrades Biohaven Pharmaceuticals BHVN.N to "sector perform" from "outperform", trims PT to $21 from $54
** New PT still implies a 23.7% upside to the stock's last close
** Shares of BHVN fall 3.8% to $15.4 premarket
** Brokerage says the drugmaker has many promising projects, but also many risks with regard to its pipeline
** Brokerage believes the two projects, troriluzole and Kv7, are crucial for the company's success and flags concerns about troriluzole's chances of getting approved by the FDA
** Co's financial constraints might limit its potential upside, says RBC
** "We are not confident enough in any single one to be able to recommend shares" - RBC
** As of last close, BHVN stock down 57.1% YTD
(Reporting by Padmanabhan Ananthan)
((Padmanabhan.Ananthan@thomsonreuters.com))
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