Leerink Partners analyst Marc Goodman reiterated a Buy rating on Xenon (XENE – Research Report) on May 13 and set a price target of $50.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Marc Goodman has given his Buy rating due to a combination of factors that highlight the potential of Xenon’s lead drug candidate, azetukalner. Despite the delay in the X-TOLE2 trial results for focal onset seizures, Goodman remains optimistic about the drug’s prospects based on its strong Phase 2b data and unique mechanism of action. This confidence is further supported by management’s assurance that recruitment for the trial will be completed soon, with patient characteristics aligning well with previous studies.
Additionally, while the investigator-sponsored trial in major depressive disorder did not meet its primary endpoint, it showed numerical improvements in key measures, which, although not statistically significant, were anticipated given the study’s small scale. The company’s robust financial position, with $691 million in cash expected to sustain operations into 2027, provides a solid foundation for continued development. These elements collectively underpin Goodman’s Outperform rating and a price target of $50.
In another report released yesterday, Evercore ISI also initiated coverage with a Buy rating on the stock with a $55.00 price target.