Cantor Fitzgerald assumed coverage of Xenon Pharmaceuticals with an Overweight rating and no price target. The analyst says XEN-1101 is a potassium channel opener that has generated “compelling” Phase 2 results for treatment of focal onset seizures. The stock’s current valuation already reflects considerable success in a seizure market that can be hard/slow to crack, but there is an imminent Phase 2 readout for XEN-1101 in depression “that could unlock an even larger unmet medical need,” the analyst tells investors in a research note.
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