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Xenon Pharmaceuticals assumed with an Overweight at Wells Fargo

Wells Fargo assumed coverage of Xenon Pharmaceuticals (XENE) with an Overweight rating and $48 price target The company expects the readout of its Phase 3 X-TOLE2 study involving lead asset, azetukalner, in Focal Onset Seizures in early 2026, and the firm believes that azetukalner is likely to succeed in X-TOLE2 given the strong Phase 2 data, the analyst tells investors in a research note. The 10mg dose worked in Phase 2, implying some room for efficacy pullback in Phase 3, the firm added.

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