UPDATE: Stifel Starts Xenon Pharmaceuticals (XENE) at Buy
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(Updated - October 21, 2016 8:40 AM EDT)
Stifel initiated coverage on Xenon Pharmaceuticals (NASDAQ: XENE) with a Buy rating and a price target of $18. Analyst Stephen D. Willey thinks the stock is underappreciated and said P2 XEN801 data represents an important near-term catalyst
"Xenon has successfully leveraged its Extreme Genetics drug discovery platform – which identifies single-gene defects responsible for severe human phenotypes – into a maturing pipeline of both partnered and wholly-owned product candidates on the precipice of achieving proof-of-concept inflection points. We believe Xenon’s expertise in the discovery/development of highly-selective compounds targeting difficult-to-drug human channelopathies is considerably underappreciated from a valuation perspective – with its most-advanced Genentech collaboration likely establishing best-in-class medicinal chemistry solutions for the increasingly competitive pursuit of highly-selective voltage-gated sodium channel antagonists against Nav1.7," said Willey.
The analyst added, "We believe proof-of-concept P2 data read-outs for XEN801 (1Q17) and TV-45070 (1H17) provide meaningful sources of near-term upside – with any additional visibility emerging from the Genentech collaboration and Xenon’s progress in identifying selective Nav1.6 antagonists responsible for rare/intractable childhood epilepsy serving as longer-term valuation lever."
Shares of Xenon Pharmaceuticals closed at $8.35 yesterday.
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