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Xenon Pharmaceuticals price target lowered to $60 from $62 at Stifel

Stifel lowered the firm’s price target on Xenon Pharmaceuticals (XENE) to $60 from $62 and keeps a Buy rating on the shares following Q1 earnings. Xenon announced a slight delay to Phase 3 azetukalner topline data, as completion of enrollment is expected in the “next few months,” pushing the readout to early 2026 from the second half of 2025. While this delay is “disappointing and could pressure the stock modestly,” a few months “isn’t a big deal in the grand scheme of things,” says the analyst, who still thinks azetukalner is a “blockbuster potential drug” with a high possibility of success in epilepsy and optionality elsewhere.

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