UPDATE: Jefferies Initiates Coverage On Xenon Pharmaceuticals On Multiple Positive Factors

In a report published Monday, Jefferies analyst Biren Amin initiated coverage on Xenon Pharmaceuticals (NASDAQ: XENE) with a Buy rating and $16.00 price target.

In the report, Jefferies noted, “XENE shares may appreciate over the next 12-18 months from multiple PI/II readouts. Also, XENE has partnerships w/ Teva and Genentech focused on development of treatments for pain which could yield $900M+ milestones. Teva's TV-45070 is in PIIb trials in osteoarthritis w/ data in mid-'15, and Genentech's GDC-0276 is in PI trials w/ PII start in 2H '15. Add'l upside comes from preclinical programs in acne and Dravet's syndrome. We initiate with a Buy and $16 PT.”

Xenon Pharmaceuticals closed on Friday at $12.54.