- Raymond James has initiated Xenon Pharmaceuticals ( NASDAQ: XENE ) with an outperform rating citing the blockbuster potential of XEN1101, currently in phase 2 for epilepsy.
- The firm has a $52 price target (~46% upside based on Tuesday's close).
- Analyst Danielle Brill is confident that XEN1101 will be successful given its strong phase 2 results. She predicted a greater than $1B peak sales opportunity.
- Xenon ( XENE ) plans to initiate two identical phase 3 clinical trials.
- She noted that the the candidate, which is also under development for major depressive disorder, could further benefit from proof-of-concept data in that indication expected in 2023.
- Brill added that the company's pipeline also presents growth opportunities with XEN496 in KCNQ2 developmental and epileptic encephalopathy (KCNQ2-DEE), and NBI-921352 for SCN8A developmental and epileptic encephalopathy (SCN8A-DEE). XEN1101 is also under investigation for primary generic clonic tonic seizures (PGTCS).
- In August, BofA started Xenon ( XENE ) with a buy rating also citing the blockbuster potential of XEN1101 for epilepsy .
For further details see:
Xenon started at outperform at Raymond James on experimental epilepsy drug