Xenon (XENE – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Paul Choi from Goldman Sachs remains neutral on the stock and has a $60.00 price target.
Paul Choi has given his Buy rating due to a combination of factors surrounding Xenon Pharmaceuticals’ recent study outcomes and market performance. Despite the X-NOVA trial for XEN1101 in Major Depressive Disorder (MDD) not meeting its primary endpoint, the results exhibited a clinically relevant difference when compared to placebo. Choi highlights a dose-dependent signal that has emerged, suggesting that with an increased dosage or extended treatment duration, there is a strong case for further development. This dose-response relationship, along with mild adverse events observed, bolsters the case for continued investment in XEN1101’s potential.
Additionally, the positive mood benefits observed in the X-NOVA study offer promising implications for XEN1101’s application in epilepsy treatment, potentially elevating its competitive edge in this space. The market’s reaction to the topline data was notably positive, with Xenon’s stock outperforming the broader market, which Choi identifies as a signal of investor confidence in the drug’s future. Underpinned by these findings and market responses, Choi maintains a bullish perspective on Xenon with a 12-month price target, reinforcing the Buy rating.
In another report released today, Needham also maintained a Buy rating on the stock with a $50.00 price target.
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Xenon (XENE) Company Description:
Xenon Pharmaceuticals, Inc. engages in discovering and developing therapeutics to improve the lives of patients with neurological disorders. It focuses on the treatment of epilepsy. Its products include XEN496, XEN1101, XEN901, and XEN007. The company was founded by Simon Neil Pimstone, Johannes J. P. Kastelein, and Michael R. Hayden on November 5, 1996 and is headquartered in Burnaby, Canada.
Read More on XENE:
- Xenon Pharmaceuticals Announces Topline Results from Phase 2 Proof-of-Concept X-NOVA Clinical Trial of XEN1101 in Major Depressive Disorder (MDD)
- Xenon reports Neurocrine will not continue development of NBI-921352
- Xenon Pharmaceuticals Provides Update on Partnered Program with Neurocrine Biosciences
- Xenon Pharmaceuticals reports Q3 EPS (73c), consensus (77c)
- Xenon Pharmaceuticals Reports Third Quarter 2023 Financial Results and Provides Corporate Update
