Xenon Pharmaceuticals (XENE)
Develops azetukalner and ion-channel medicines for epilepsy, depression, and pain.
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Develops ion-channel medicines for epilepsy, depression, and pain, led by late-stage Kv7 opener azetukalner. With no approved products or product-sales revenue, its business depends on clinical development, regulatory approval, and collaboration milestones and royalties.
Develops small-molecule ion-channel therapies for epilepsy, depression, and pain from operations in Canada and the United States. Azetukalner, a Kv7 potassium-channel opener, is the lead program: a pivotal focal-onset-seizure study met its primary endpoint, while additional late-stage studies cover focal and generalized seizures, major depressive disorder, and bipolar depression.
Extends the same ion-channel expertise into XEN1701 and XEN1720, selective Nav1.7 inhibitors, and XEN1120, a Kv7 opener, all aimed at pain. A Neurocrine Biosciences collaboration advances NBI-921355, a Nav1.2/Nav1.6 inhibitor for epilepsy, with potential milestone and royalty income.
Has no approved product or product-sales revenue. Commercial prospects depend heavily on azetukalner securing regulatory approval, and clinical development and manufacturing rely on third parties.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 18, 2026 | RBC Capital | Reiterate | Rating: —Target: $81 | Target: $70 |
| Sep 18, 2026 | Wedbush | Reiterate | Rating: —Target: $42 | Target: $55 |
| Sep 18, 2026 | Needham | Reiterate | Rating: —Target: $78 | Target: $60 |
| Sep 18, 2026 | Robert W. Baird | Target | Target: $97 | Target: $90 |
| Sep 18, 2026 | Wells Fargo | Reiterate | Rating: —Target: $69 | Target: $64 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $930.7M · Total debt $6.4M · Total assets $1.30B · Shareholders' equity $1.24B
- Revenue
- $0
- Operating income
- −$123.2M
- Net income
- −$110.7M
No dividends on record.
| Institutions | ≈ 101.44% | 98.24M shares | |
|---|---|---|---|
| 325 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.10% | 94.8K shares | |
| 10 holders · as of Sep 3, 2026 | |||
| Adds to | 101.54% | ||
96.84M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 101.54%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
FMR LLCInstitution | 9.96% | 9.65M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 7.77% | 7.52M | as of Jun 30, 2026 |
Avoro Capital Advisors LLCInstitution | 5.97% | 5.78M | as of Jun 30, 2026 |
Polar Capital Holdings PLCInstitution | 4.72% | 4.57M | as of Jun 30, 2026 |
Driehaus Capital Management LLCInstitution | 4.56% | 4.42M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 28, 2026 | Christopher John Kenney | officer: Chief Medical Officer | −7,068 | $60.25 |
| Aug 11, 2026 | Steven Gannon | director | −10,000 | $64.06 |
| Jun 5, 2026 | Gillian Cannon | director | −1,190 | $53.14 |
| Jun 5, 2026 | Gary Patou | director | −1,322 | $53.14 |
| Mar 13, 2026 | Ian Mortimer | director, officer: PRESIDENT & CEO | −7,308 | $55.23 |
- Praxis Precision Medicines
Vormatrigine in Phase 3 FOS directly challenges azetukalner's NDA timeline.
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- Vertex Pharmaceuticals
Journavx (suzetrigine) launched the selective Nav-channel pain inhibitor class.
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Xenon Pharmaceuticals | $39.16 | +0.22% | $3.77B | — | — | — | — |
| Praxis Precision Medicines | $301.44 | +0.16% | $8.33B | — | — | — | — |
| Axsome Therapeutics | $205.00 | +0.94% | $10.57B | — | 1,211.7 | 13.6 | +44.2% |
| Jazz Pharmaceuticals | $240.57 | 0.00% | $15.17B | 16.5 | 9.5 | 3.3 | +15.6% |
| Vertex Pharmaceuticals | $515.31 | +0.04% | $129.62B | 29.7 | 26.8 | 10.3 | +12.5% |
| Median | 23.1 | 26.8 | 10.3 | +15.6% |