Xenon Pharmaceuticals (XENE) KOL Call Indicates XEN1101 has "Blockbuster Potential"
- S&P 500, Dow climb for third day and close at records
- Tesla (TSLA) China Numbers 'Robust' - Wedbush
- Apple (AAPL) Shares Seen as 'Attractive' as Recent Checks Show Continuously Strong Demand - Citi
- Investors Poured More Money Into Stocks in Past 5 Months Than Last 12 Years, Says BofA, Analysts Worried About Stretched Valuations
- Amazon.com warehouse workers vote to reject forming union in Alabama
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Jefferies analyst Andrew Tsai reiterated a Buy rating and $28.00 price target on Xenon Pharmaceuticals (NASDAQ: XENE) after hosting a KOL call with a neurologist to discuss XEN1101 in focal epilepsy. Key Points include: 1) top-selling drugs like UCB's Keppra still have real limitations, whereas 2) '1101
could prove to be highly differentiated 3) He thinks the upcoming Phase IIb data in Q3:21 has a high 75% PoS, and 4) if efficacy/safety ultimately pans out, he would prescribe '1101 in up to 33% of his patients, above the current assumption of 5-10% (leading to $500M+ peak sales).
The analyst stated "Our KOL strongly believes XEN1101 has "blockbuster" potential in focal epilepsy. (1) XEN1101's novel MOA (Kv7 potassium) is valuable to an epileptologist, as the drug should be naturally synergistic with most AEDs. Anecdotally, there was a buzz within the KOL community when '1101's predecessor (GSK's ezogabine) first launched a decade ago. (2) Compared to ezogabine, XEN1101 has clear advantages, including QD dosing (vs TID), greater potency (~25mg vs 1200mg), and cleaner safety (e.g., no urinary retention or pigmentation signals). (3) Compared to other AEDs, '1101 has many favorable attributes as well, namely a novel MOA, QD dosing, no dose-titration, no DDIs, no SAEs, and its potential to benefit both depression/epilepsy (similar to GSK Lamictal). (4) Net-net, if these favorable attributes for '1101 hold true in Phase II/III studies, our KOL thinks the drug could become a "major player" (e.g., widely prescribed), and he would prescribe '1101 to one-third of his 1L/2L patients (barring label/payor restrictions)."
Shares of Xenon Pharmaceuticals closed at $17.90 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Charles Schwab Corp. (SCHW) PT Raised to $76 at Jefferies Into EPS
- PAR Technology (PAR) PT Raised to $90 at Jefferies on Punchh Deal
- SCREEN Holdings Co Ltd. (7735:JP) (DINRF) PT Raised to JPY12,300 at Macquarie
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!