Wells Fargo analyst Mohit Bansal initiated coverage of Xenon Pharmaceuticals with an Overweight rating and $50 price target. The analyst sees upside with depression data in 2023 "for this otherwise de-risked epilepsy company." Xenon’s lead asset XEN1101 has all the qualities to become the branded add-on therapy of choice in focal onset seizures, and therefore a potential blockbuster given its "compelling" efficacy, Bansal tells investors in a research note. He expects continuous progress in this indication asset to provide upside, with the Phase 3 readout late 2024/early 2025.
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