Xenon Pharmaceuticals price target lowered to $49 from $50 at Wedbush

Wedbush analyst Laura Chico lowered the firm’s price target on Xenon Pharmaceuticals to $49 from $50 and keeps an Outperform rating on the shares. In the company’s Q2 update it was revealed its Phase 3 X-TOLE2 results were on track for the 2H of 2025 and management continues to anticipate the initiation of the major depressive disorder studies in 2H of 2024, the analyst tells investors. Additionally, the firm continues to see azetukalner as a differentiated asset in the focal epilepsy space.