Xenon Pharmaceuticals (XENE) PT Raised to $44 at Stifel
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Stifel analyst Paul Matteis raised the price target on Xenon Pharmaceuticals (NASDAQ: XENE) to $44.00 (from $31.00) while maintaining a Buy rating.
The analyst commented, "We are reiterating our Buy Rating and updating our price target to $44 to reflect the better-than-expected efficacy and safety data from the phase 2b X-TOLE study of XEN1101 in focal epilepsy. As we noted in our initial reaction (LINK), we think these data solidify '1101 as a differentiated agent in focal epilepsy given both the efficacy (in-line with Xcopri, which exceeded our expectations) and safety/tolerability/dosing profile (better than Xcopri). To reflect this we have boosted or PoS as well as increased '1101's share within the last-line focal-seizure population, and we've decreased our discount rate modestly (to 11% from 11.5%) to reflect some derisking as the company likely advances into a pivotal trial(s)."
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