UPDATE: Stifel Starts Xenon Pharmaceuticals (XENE) at Buy

October 21, 2016 7:36 AM EDT
Get Alerts XENE Hot Sheet
Price: $7.80 -1.89%

Rating Summary:
    5 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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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."

For an analyst ratings summary and ratings history on Xenon Pharmaceuticals click here. For more ratings news on Xenon Pharmaceuticals click here.

Shares of Xenon Pharmaceuticals closed at $8.35 yesterday.



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