Why has Xenon Pharmaceuticals Inc. (XENE) stock skyrocketed today?

Xenon Pharmaceuticals Inc. (XENE) stock skyrocketed today after the announcement of Positive Topline results of XEN1101. XENE stock price saw a surge of 89.10% to reach $29.50 a share at the time of this writing. The stock was bullish in the previous trade and went up by 2.09% at closing.

Xenon Pharmaceutical is the clinical-stage biopharmaceutical stock that develops therapeutics for the treatment of neurological disorders in Canada. It has a market cap of 641.538 million. The company was founded in 1996 and its headquarters are located in Burnaby, Canada.

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Positive Topline Results of XEN1101 in Phase 2b “X-TOLE” Clinical Trial:

XENE stock today announced the positive topline results of XEN1101 which is the Kv7 potassium channel modulator. In the Phase 2b “X-TOLE” Clinical trial, the study team evaluated the efficacy, safety, and tolerability of the above-mentioned product that treats patients with focal epilepsy. The objective was to access the XEN1101 dose-response in reducing monthly focal seizure frequency.

The trial met its primary endpoint as XEN1101 represented a significant dose-dependent reduction in monthly seizure frequency compared with placebo. XEN1101 25 mg group showed a 52.8% median percent reduction in monthly focal seizure frequency. That reduction was 46.4% in the XEN1101 20 mg group, 33.2% reduction for the XEN1101 10 mg group while the placebo group represented an 18.2% reduction. XEN1101 showed well tolerance and the adverse events were consistent with other ASMs.

 XENE stock to collaborate with Neurocrine Biosciences:

XENE stock on September 08, 2021, announced its collaboration with Neurocrine Biosciences in order to develop treatments for epilepsy. The approval of the clinical trial application in Europe was a significant achievement of Neurocrine that resulted in a $10 million payment to XENE stock from Neurocrine. $4.5 million payment was in the form of cash while the remaining $5.5 million was in the form of stock equity.

Financial View of XENE stock:

According to the second quarter of 2021 financial results, Xenon stock generated $2.2 million in total revenue. This compares to the $13.4 million revenue for the same tenure of the previous year. The stock spent $18.4 million in research and development expenses and $6.3 million in general and administrative expenses for the recently reported quarter. Net loss was $22.1 million in the three months ended June 30, 2021. By the end of the second quarter of 2021, XENE stock had $260.5 million in cash, cash equivalents, and marketable securities.

Wrap Up:

XENE stock has captivated the attention of investors after announcing positive topline results Phase 2b “X-TOLE” Clinical Trial. It would be interesting to see how long this trend will persist as profit will ultimately impact the per-share price.

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