William Blair analyst Myles Minter has reiterated their bullish stance on XENE stock, giving a Buy rating yesterday.
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Myles Minter’s rating is based on the belief that the recent delay in the X-TOLE2 study’s data release does not fundamentally alter the trial’s success probability. Despite the setback, Xenon’s management remains confident in the updated timelines and prioritizes the quality of patient enrollment and data collection. The nearing completion of target enrollment for the X-TOLE2 study, with a demographic similar to the previous successful trial, supports this confidence.
Minter also considers the recent results from an investigator-sponsored trial of azetukalner in major depressive disorder (MDD) patients. Although the primary fMRI endpoint was not met, the study demonstrated efficacy on other clinical endpoints, suggesting potential benefits. This combination of factors, including the potential for a New Drug Application (NDA) filing if X-TOLE2 yields positive results, underpins the Buy rating, viewing current stock weakness as an opportunity for investment.
Minter covers the Healthcare sector, focusing on stocks such as Axsome Therapeutics, Arcturus Therapeutics, and Alnylam Pharma. According to TipRanks, Minter has an average return of 2.9% and a 44.04% success rate on recommended stocks.