Xenon Pharmaceuticals price target lowered to $44 from $48 at Wells Fargo

Wells Fargo analyst Benjamin Burnett lowered the firm’s price target on Xenon Pharmaceuticals (XENE) to $44 from $48 and keeps an Overweight rating on the shares. The firm thinks the X-TOLE2 study is likely to work as it’s designed after a highly positive Phase 2 study. That said, Wells thinks “bogey” for median seizure reduction is being debated, and call commentary about this could drive some weakness in shares.