- Bank of America launched its coverage on clinical-stage biotech Xenon Pharmaceuticals Inc. ( NASDAQ: XENE ) with a Buy rating on Monday, arguing that the company’s mid-stage epilepsy candidate XEN1101 is poised to become a blockbuster drug.
- XEN1101 belongs to a class of drugs known as Kv7 potassium channel openers, and the drug is expected to undergo its Phase 3 program in H2 2022, XENE said this month.
- The analysts led by Jason M. Gerberry point to the blockbuster potential of XEN1101 ahead of important catalysts for its safety data, second confirmatory, and label expansion studies.
- The ease of use, novel mechanism of action, and strong efficacy differentiate XEN1101 from other anti-seizure medications, the team with a $48 per share target on XENE argued.
- Wall Street stands firmly behind the prospects of Xenon ( XENE ) with eleven Buy ratings and no Hold or Sell ratings.
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Xenon initiated with Buy at BofA citing potential of anti-seizure drug