Xenon Pharmaceuticals initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage of Xenon Pharmaceuticals with an Overweight rating and $58 price target. The company’s lead candidate, XEN1101, has a de-risked mechanism of action based on the approval of ezogabine, and in addition, the firm believes that positive data presented from the Phase 2b X-TOLE study in focal-onset seizures clinically de-risks XEN1101, while demonstrating an enhanced safety/adverse event profile relative to its predecessor, ezogabine, the analyst tells investors in a research note.