Sep. 3 at 7:09 PM
Wells Fargo assumed coverage of
$XENE at an Overweight rating and a
$48 price target.
$JAZZ $BHVN $NBIX $PRAX RAPP SUPN
Wells Fargo said: We are assuming coverage of
$XENE at Overweight, as we think azetukalner is likely to succeed in X-TOLE2 given strong Ph2 data. We like that the 10mg dose worked in Ph2, implying some room for efficacy pullback (or placebo out-performance) in Ph3.
$XENE expects the readout of its Ph3 X-TOLE2 study involving lead asset, azetukalner, in Focal Onset Seizures (FOS) in early 2026. We think consensus leans positive, and that many resonate with the strength of the Ph2. However, discontinuations were notable in Ph2, and we also think expectations were softened somewhat by the longer than expected Ph3 enrollment timeline.
