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Investing.com - H.C. Wainwright has reiterated its Buy rating and $53.00 price target on Xenon Pharmaceuticals (NASDAQ:XENE), highlighting the company’s leadership in ion channel drug development for CNS disorders. According to InvestingPro data, analyst targets range from $42 to $65, with the company maintaining a strong financial health score of 2.12 (FAIR).
The research firm believes Xenon’s lead candidate azetukalner could become a mainstay treatment for refractory focal epilepsy, citing compelling Phase 2 data and the drug’s mood stabilization effects in epilepsy patients. Phase 3 readout for azetukalner is expected in early 2026. The company’s strong balance sheet, with more cash than debt and a current ratio of 17.66, provides robust support for its clinical development programs.
H.C. Wainwright noted that azetukalner has demonstrated improvements in depression and anhedonia in two Phase 2 studies, which could be a key driver for commercial success by addressing mood issues in epilepsy patients.
The firm also discussed Xenon’s pipeline of next-generation potassium and sodium channel modulators that are currently in Phase 1 or expected to enter Phase 1 in 2026.
H.C. Wainwright’s comments followed a recent discussion with Xenon Pharmaceuticals CEO Ian Mortimer as part of the firm’s "Emerging Ideas in Biopharma" call series.
In other recent news, Xenon Pharmaceuticals has been added to the Russell 3000 and Russell 2000 Indexes, marking a significant milestone for the company. This inclusion could enhance the company’s visibility among investment managers and institutional investors. The company also announced the appointment of Darren Cline as Chief Commercial Officer, who will lead the commercial strategy for Xenon’s product portfolio, focusing initially on their lead candidate, azetukalner. Furthermore, RBC Capital has raised its price target for Xenon Pharmaceuticals to $57, maintaining an Outperform rating, based on positive expectations for azetukalner’s Phase III trials for epilepsy. Evercore ISI has also initiated coverage with an Outperform rating and a $55 price target, expressing confidence in azetukalner’s potential despite a slight delay in the trial timeline. Xenon Pharmaceuticals recently held its 2025 Annual Meeting of Shareholders, where key proposals, including the election of directors and executive compensation, were approved. The company is preparing for the Phase 3 trial data for azetukalner, expected in early 2026, which could lead to regulatory submissions. These developments come as Xenon continues to focus on advancing its therapeutic candidates for neurological conditions.
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