JPMorgan analyst Tessa Romero says Xenon Pharmaceuticals (XENE) remains a top pick heading into 2025. The firm came away from a call with management earlier this month with a better sense of the pace of patient enrollment in the Phase 3 X-TOLE2 and X-TOLE3 trials, the statistical analysis plan and expectations for the topline data disclosure for X-TOLE2 anticipated in the second half of 2025. The analyst has reason to believe the stock will start to work again moving towards 2025. It expects 2025 will be a pivotal year for the company with X-TOLE2 data anticipated for azetukalner in focal onset seizures. If positive, the data “could unlock the path to product approval” and send shares towards the $60 level, contends JPMorgan.
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