Needham raised the firm’s price target on Xenon Pharmaceuticals to $62 from $50 and keeps a Buy rating on the shares after its Q4 update. The company’s patient enrollment in the phase 3 epilepsy program is progressing, while its key trial, X-TOLE2, which will support an NDA, is now expected to complete enrollment in late-2024 to early-2025, vs. prior timeline of the second half of 2024, the analyst tells investors in a research note. Needham adds that it expects top-line results for the program 6-8 months later in 2025.
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