Xenon Pharmaceuticals price target lowered to $55 from $57 at RBC Capital

RBC Capital analyst Brian Abrahams lowered the firm’s price target on Xenon Pharmaceuticals (XENE) to $55 from $57 but keeps an Outperform rating on the shares after its Q2 results. The enrollment completion for X-TOLE2 pivotal along with intact timeline for early-FY26 top-line readout is likely to reassure investors, the analyst tells investors in a research note. RBC adds that it continues to have high confidence based on prior azetukalner phase 2 and OLE data, as well as historical phase 2 to phase 3 translatability in FOS, that the Kv7 will recapitulate its compelling efficacy and safety profile and unlock a $1.2B long-term opportunity.