Jefferies Assumes Xenon Pharmaceuticals (XENE) at Buy, Sees +50-75% Upside on Phase 2b Epilepsy Data

Jefferies analyst Andrew Tsai assumes coverage on Xenon Pharmaceuticals (NASDAQ: XENE) with a Buy rating and a price target of $23.00 (from $16.00).

The analyst comments "We assume coverage of XENE with a Buy, as our risk-adjusted SOTP of XENE's 4 mid-/late-stage oral epilepsy programs implies a $23 PT ($800M cap). We think the next leg could occur within the next 6-12 months, since Phase IIb data in H1:21 for XEN1101 in broad seizures ($500M+ oppty) has a 50% chance to push the stock up +50-75% (vs down -35-50%). We also think Phase III-ready XEN496 for rare pediatric epilepsy has a similar chance of success (data in '21-22)."

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 $12.70 yesterday.

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