Wedbush lowered the firm’s price target on Xenon Pharmaceuticals (XENE) to $42 from $43 and keeps an Outperform rating on the shares. Most notable in the Q4 update, Phase 3 X-TOLE2 top-line results continue to track to the second half of 2025, the firm says. Wedbush looks for management to narrow timing guidance as they get closer towards the readout. Also announced, CFO Sherry Aulin will step down, effective June 30, 2025. The firm does see the company holding a strong balance sheet and with the X-TOLE2 readout still months out, this could be an opportunistic time for a transition.
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