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Tuesday, May 30, 2023

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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