Xenon Pharmaceuticals initiated with a Buy at Chardan

Chardan initiated coverage of Xenon Pharmaceuticals (XENE) with a Buy rating and $55 price target The firm views Xenon as a “high conviction play,” and believes it remains one of the most interesting stories in the central nervous system space given the potential of its lead asset azetukalner for the treatment of epilepsy and neuropsychiatric disorders. Chardan thinks the upcoming X-TOLE2 readout in the second half of 2025 has a good chance of working, “which would move the stock up significantly as a key de-risking event.”