Xenon Pharmaceuticals price target raised to $55 from $48 at Wells Fargo

Wells Fargo analyst Mohit Bansal raised the firm’s price target on Xenon Pharmaceuticals to $55 from $48 and keeps an Overweight rating on the shares. The firm sees continued progress for XEN1101 as focal onset seizure trials continue to enroll and pivotal major depressive disorder trials are initiating in 2H24, the analyst tells investors in a research note. Wells believes Xenon remains catalyst-light as the X-TOLE2 data could now hit mid-to-late 2025.