TD Cowen analyst Joseph Thome has maintained their bullish stance on XENE stock, giving a Buy rating today.
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Joseph Thome has given his Buy rating due to a combination of factors that highlight Xenon’s promising pipeline and financial stability. The company is making significant progress with its X-TOLE2 study, which is on track to deliver key data by early 2026. This study, evaluating azetukalner for focal onset seizures (FOS), has shown encouraging signs, with patient baseline characteristics in Phase III mirroring those in Phase II. This consistency, coupled with positive feedback from key opinion leaders (KOLs), supports the potential for a statistically significant benefit that could lead to approval.
Additionally, Xenon is advancing its clinical development of azetukalner for major depressive disorder (MDD) and bipolar disorder (BPD), with multiple Phase III trials currently enrolling patients. The company’s early-stage pipeline, including studies on XEN1120 and XEN1701 for pain management, is also progressing well. Financially, Xenon is in a strong position with $555 million in cash, which is expected to support its operations through crucial readouts and late-stage developments. These factors collectively underpin Thome’s confidence in Xenon’s future prospects, justifying the Buy rating.
In another report released today, Needham also maintained a Buy rating on the stock with a $55.00 price target.