Citi initiated coverage of Xenon Pharmaceuticals with a Buy rating and $62 price target. Following renewed interest from large pharma in CNS companies as acquisition targets, Xenon has rallied by about since the end of November, notes the firm, which expects shares to “grind higher in 2024” ahead of Phase 3 FOS/PGTCS data due in 2025. Meanwhile, interest in Xenon as a takeout candidate “likely provides a buffer to shares on the downside,” the analyst added.
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