Xenon Pharmaceuticals price target raised to $51 from $46 at Wedbush

Wedbush analyst Laura Chico raised the firm’s price target on Xenon Pharmaceuticals to $51 from $46 and keeps an Outperform rating on the shares following the Q4 results. Xenon management narrowed timing guidance for X-TOLE2 trial enrollment to late-2024/early-2025 from the second half of 2024, and management also plans to convene an End-of-Phase 2 meeting with FDA in April to align on Phase 3 trial design, the analyst tells investors in a research note. The base case calls for a similar pivotal strategy as the epilepsy program with parallel pivotal trials and a redundant third study as a risk mitigation measure, the firm says.