Xenon Pharmaceuticals May Have A Blockbuster Drug In Store, BofA Says

Xenon Pharmaceuticals Inc’s XENE epilepsy candidate, XEN1101, is currently in phase III trials and “looks poised to be a blockbuster,” according to BofA Securities.

The Xenon Pharmaceuticals Analyst: Jason Gerberry initiated coverage of Xenon Pharmaceuticals with a Buy rating and a price target of $48.

The Xenon Pharmaceuticals Thesis: Results from the phase III trials should match or beat the first readout, Gerberry said in the initiation note.

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XEN1101 has a “differentiated product profile,” with strong early anti-seizure data and simplicity of dosing, which positions it as a potential blockbuster anti-seizure medication, he added.

“We see ‘1101 as closer to Vimpat as a launch-analog (nearly $2bn peak sales) given potential to widely be used as 3L/4L SOC (third line and fourth line standard of care) with upside if broader benefits (broader spectrum ASM or improving mood) are confirmed in future trials,” the analyst wrote.

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XENE Price Action: Shares of Xenon Pharmaceuticals were up 2.14% to $37.76 at the time of publication on Monday.