Wells Fargo added Xenon Pharmaceuticals to the firm’s Q4 2023 Tactical Ideas List. The firm sees $20-$25/share upside if XEN1101 readout in MDD is positive in Q4 as it thinks the MDD opportunity is underappreciated. The mechanism is somewhat de-risked and would be differentiated compared to SOC. However, there could be $5-$7/share downside if negative, Wells adds. The firm has an Overweight rating on the shares with a price target of $50.
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