Xenon Pharmaceuticals (XENE) PT Lowered to $60 at Stifel

Stifel analyst Paul Matteis lowered the price target on Xenon Pharmaceuticals (NASDAQ: XENE) to $60.00 (from $62.00) while maintaining a Buy rating.

The analyst commented, "We're reiterating Buy rating on XENE following 1Q25 earnings, where XENE announced a slight delay to ph3 azetukalner topline data in FOS--completion of enrollment is expected in the "next few months", pushing the readout to early-2026, from 2H25. This is disappointing and could pressure the stock modestly--even though a few months isn't a big deal in the grand scheme of things, it removes a major catalyst from this current calendar year-- and in this current market environment there's a greater premium put on near-term stock "actionability". Meanwhile, XENE shared high-level results from the Mt.Sinai-IST of azetukalner in MDD, which we think continue to support a potential efficacy signal in depression, even if it sounds like there's some noise in the data/placebo arm. Bottom line though: we don't think the big picture has changed: we still think azetukalner is a blockbuster potential drug, with a high POS in epilepsy and optionality elsewhere."

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