Pharma Stock Soars to Record Highs After Epilepsy Treatment Results

The company reported positive data for its epilepsy treatment

Assistant Editor
Oct 4, 2021 at 1:32 PM
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Xenon Pharmaceuticals Inc (NASDAQ:XENE) stock is soaring today, up 90.8% to trade at $29.76 at last glance, after the company met its main goal in a phase 2 study of its epilepsy treatment XEN1101. Today's pop has XENE nabbing a fresh record high, as well as jumping over a slew of key moving averages and recent pressure at the $19 level. Year-over-year, the equity sports a 162.8% lead.
 
The options pits are bursting with activity. So far, 9,318 calls and 23,000 puts have crossed the tape, with volume pacing for the top percentile of its annual range, and already 10.9 times its usual daily average. The October 25 put is the most popular, followed by the 20 put in the same monthly series, with new positions being opened at both.
 
Plus, Jefferies raised its price target to $50 from $28, which is made more notable by the fact that analysts are already quite bullish on XENE. In fact, all six in coverage sport a "strong buy" rating on the stock, and the pre-adjustment 12-month consensus price target of $39.63 stands at a 33% premium to current levels. 

 

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