Investors undeterred by top-line miss in Xenon depression trial

28 November 2023

Canada’s Xenon Pharmaceuticals (Nasdaq: XENE) has reported top-line results from the Phase II X-NOVA trial, showing the primary efficacy endpoint was not met.

Despite the apparent failure, the neurology-focused biotech saw its stock rise strongly on Monday, as investors saw through the headline news to what could be significant potential for further development.

The data showed clinically-meaningful, dose-dependent drug activity as well as what the firm described as “early onset of efficacy” in depression.

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