- Shares have risen by 15% since my March recommendation, but EV of around $180 million appears cheap contrasted to multiple opportunities in epilepsy that they are pursuing.
- I provide a recap of our bullish thesis and multiple management presentations.
- Significant milestone payment is due in 2021 from partner Neurocrine Biosciences as part of a lucrative deal for XEN901 in SCN8A-DEE.
- Key readouts were pushed back to 1H 2021, namely phase 2b data for 1101 in adult focal epilepsy and phase 2 data for XEN007 in CAH.
- XENE continues to be a Buy, and I suggest accumulating dips ahead of 2021 catalysts.
For further details see:
Xenon Pharmaceuticals: Updates To Thesis, Low Valuation With Multiple Catalysts In 2021