JPMorgan reiterates Xenon as top pick, ups price target

JPMorgan raised the firm’s price target on Xenon Pharmaceuticals to $55 from $54 and keeps an Overweight rating on the shares. The reiterates Xenon as a top pick for 2023 and would be a buyer of the stock at current levels. The firm maintains a positive stance on the target of Kv7 potassium channels in treatment resistant epilepsy and cam away from an analysis of the current treatment landscape for focal onset seizures with higher conviction around the significant market opportunity for the class long-term. It sees Xenon’s XEN1101 standing out relative to peers as an adjunctive treatment for focal onset seizures.