Dec. 26 at 11:59 AM
$BHVN $XENE
Xenon positive thesis intact following Biohaven study failure, says Jefferies
Jefferies was "unsurprised" to see Biohaven's (BHVN) report mixed Phase 2 data in major depressive disorder, but believes the drug profile differs fundamentally from Xenon Pharmaceuticals' (XENE) own oral Kv7 drug, azetukalner, which has already shown best-in-class efficacy in focal epilepsy and a positive signal in MDD, the analyst tells investors. Opakalim's MDD failure should be idiosyncratic, rather than a Kv7 class effect, argues the analyst, who thinks any Xenon stock weakness could be a buying opportunity into the company's Phase 3 epilepsy data due in early 2026. Jefferies keeps a Buy rating and
$65 price target on Xenon shares.
