Xenon Pharmaceuticals' Azetukalner Retains Core Epilepsy Value, RBC Capital Markets Says

MT Newswires Live09-18

Xenon Pharmaceuticals' (XENE) enrollment pause in an ongoing phase 3 trial of azetukalner adds risk to the experimental treatment's expansion into major depressive disorder and bipolar depression, but should not impact the main value-driving epilepsy indication, RBC Capital Markets said in a note Thursday.

The investment firm said the risk/benefit in psychiatric indications had been deemed less certain given prior safety observations, while the adverse events profile in epilepsy is "cleaner" compared with other anti-seizure medications.

The company has submitted a new drug application for azetukalner in focal seizures to the US Food and Drug Administration and RBC said it does not see any major risk to the filing timelines or commercial launch. Azetukalner is expected to have a strong uptake after its likely approval, according to the note.

The firm said the company may still see a path forward for azetukalner in psychiatry, but the commercial opportunity is likely "a bit more diminished" and the probability of expansion into major depressive disorder and bipolar depression is now lower.

RBC Capital Markets lowered its price target on the stock to $70 from $81, with a rating of outperform, speculative risk.

Shares of Xenon Pharmaceuticals were down more than 29% in Friday trading.

Price: 40.55, Change: -16.80, Percent Change: -29.29

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