Xenon Pharmaceuticals initiated with a Buy at H.C. Wainwright

H.C. Wainwright analyst Douglas Tsao initiated coverage of Xenon Pharmaceuticals with a Buy rating and $53 price target The analyst believes XEN1101, also known now as azetukalner, has the potential to become a “mainstay treatment” for focal onset seizures in a market with significant unmet need. Azetukalner appears to offer seizure reductions as good, if not better, than other anti-seizure medications, notably levetiracetam, lacosamide, lamotrigine, and cenobamate, the analyst tells investors in a research note. The firm sees azetukalner’s positive effect on mood as a key differentiating characteristic in the epilepsy.