Analyst Marc Goodman of Leerink Partners maintained a Buy rating on Xenon (XENE – Research Report), retaining the price target of $50.00.
Marc Goodman’s rating is based on several promising developments within Xenon’s pipeline and financial stability. The company has reported that its X-TOLE2 study, focused on treating focal onset seizures, is progressing as planned with results anticipated in the second half of 2025. This timeline is expected to become more precise as the study advances and enrollment is completed. Additionally, Xenon is moving forward with multiple Phase 3 studies for azetukalner, targeting major depressive disorder and bipolar depression, which are set to begin in mid-2025. These developments are noteworthy, especially in light of competitor Biohaven’s decision to conduct a Phase 2b study for a similar treatment.
Another factor contributing to the Buy rating is Xenon’s strong financial position. The company concluded the quarter with $754 million in cash reserves, which management believes will support operations until 2027. This financial stability allows Xenon to continue its research and development efforts without immediate funding concerns. Overall, these factors combined suggest a positive outlook for Xenon’s future performance, justifying the Buy rating.
According to TipRanks, Goodman is a 4-star analyst with an average return of 4.6% and a 46.06% success rate. Goodman covers the Healthcare sector, focusing on stocks such as Axsome Therapeutics, Stoke Therapeutics, and Biohaven Ltd..
In another report released on February 28, Deutsche Bank also maintained a Buy rating on the stock with a $60.00 price target.