Xenon Pharmaceuticals price target raised to $64 from $47 at Wedbush

Wedbush raised the firm’s price target on Xenon Pharmaceuticals (XENE) to $64 from $47 and keeps an Outperform rating on the shares. The much-anticipated XTOLE2 Phase 3 data for azetukalner arrived with the trial meeting its primary endpoint for both doses, the firm notes. While Wedbush awaits more detailed data presentation at the AAN late-breaker, the median percent change in monthly seizure frequency appears compelling on a placebo-adjusted basis. Important to note, that over half of study participants received at least 3 anti-epileptic drugs indicating this is a challenging population to address.