JPMorgan raised the firm’s price target on Xenon Pharmaceuticals (XENE) to $62 from $60 and keeps an Overweight rating on the shares. The firm expects Xenon’s “highly-anticipated” data in early 2026 for the Phase 3 X-TOLE2 trial evaluating its lead asset, azetukalner, as an adjunctive treatment for patients with focal onset seizures. JPMorgan sees the readout as a “potentially transformative catalyst” for the company. It has a “high level of conviction” that the results will be positive.
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