RBC Raises Xenon Price Target, Cites Phase III Optimism for Epilepsy Drug

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) ranks among the 30 stocks expected to beat the market by 20 percentage points this year. RBC Capital maintained its Outperform rating on Xenon Pharmaceuticals Inc. (NASDAQ:XENE) and increased its price target from $55 to $57 on June 13. The change comes after the company examined the translatability of previous Phase II to Phase III medications for epilepsy.

The bank’s study showed a strong association between the efficacy results of Phase II and Phase III drugs for focal onset seizures, particularly in terms of responder rates and seizure reductions. According to the findings, Xenon’s top medication candidate, azetukalner, will likely exhibit similarly encouraging outcomes in its Phase III data, which is expected to be released early next year.

Azetukalner’s novel Kv7 mechanism of action, quick onset, and possible mood improvements are cited by RBC Capital as competitive advantages in a market dominated by polypharmacy, with the firm suggesting that future sales might reach $1.2 billion.

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) is a biopharmaceutical company that specializes in creating therapies for mental and neurological conditions, such as major depressive disorder (MDD) and epilepsy.

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