TD Cowen named Xenon Pharmaceuticals (XENE) a Best Idea for 2025 while keeping a Buy rating on the shares with no price target After a quiet 2024, Xenon is poised to deliver azetukalner Phase III data for focal onset seizures in the second half of 2025, the analyst tells investors in a research note. The firm says its key opinion leaders have been very supportive of the Phase. II data, and have high hopes for success in Phase III and eventual uptake.