- Raymond James initiated reporting Xenon Pharmaceuticals Inc XENE with an Outperform rating and a Price target $52.
- The analyst writes that the company represents a rare opportunity with significant unrealized value for its potential blockbuster epilepsy drug XEN1101.
- Since the epilepsy data are very reproducible, there is only a minimal risk of success for XEN1101 in its lead indication for focal seizures (FOS).
- Related: Xenon’s epilepsy candidate rapidly reduces focal seizure frequency.
- According to Raymond James, FOS represents a $1 billion+ opportunity at its peak.
- “While Phase 3 data is not expected before late 2024, we note that epilepsy has been an active area for mergers and acquisitions. Given the size of the unrealized value for XEN1101, we believe XENE is an attractive target. We also believe there is potential for additional value addition PoC data in MDD in 2H23,” the analyst added.
- Price promotion: XENE shares trade 1.31% lower at $35.06 on the last check Wednesday.
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