$XENE

Xenon Pharmaceuticals (XENE) submitted a New Drug Application for azetukalner in treating focal seizures, while pausing new enrollments in depression studies due to adverse events. The epilepsy program is supported by positive Phase 2b and 3 trial results, with seizure frequency reductions of 53.2% and 34.5% for 25 mg and 15 mg doses, respectively. The psychiatric program's future depends on addressing tolerability issues and upcoming trial results in 2027.

Xenon Pharmaceuticals' stock fell 31% after pausing enrollment in a depression study. The company awaits X-NOVA2 results in early 2027, which may impact its stock. Analysts and safety updates could influence the stock's performance until then.

Global markets are mixed as crude oil prices and bond yields rise. Saudi Arabia aims to restore half of its East-West pipeline capacity, which was shut due to drone strikes. Markets price in a 58% chance of a 25 bp Fed rate hike. Software and cybersecurity stocks fall, while chipmakers and crypto-exposed stocks rise. Netflix drops after a downgrade, and Nucor declines on weaker earnings guidance. Bitcoin gains over 2% after SEC's digital securities plan.

Wall Street closed mixed, with the Nasdaq up 0.4% and the Dow down 0.2%. Investors reacted to the Fed's rate hike and weighed future rate paths. Key earnings reports are upcoming next week. Wells Fargo downgraded Netflix, and Berkshire Hathaway announced Warren Buffett's transition to chairman emeritus.

Crypto-linked stocks led after-hours gains, with Strategy Inc (MSTR) up 16.39% to $153.92, Bitdeer (BTDR) +15.39% to $12.97, and MARA (MARA) +13.75% to $13.24. Pershing Square (PS) rose 13.69% to $49.83. Xenon Pharma (XENE) fell 30.69% to $39.75, the steepest decline.

Xenon Pharmaceuticals (XENE) shares dropped 30% after pausing Phase 3 depression trials for azetukalner due to safety concerns, prompting a downgrade from Deutsche Bank analyst David Hoang.

U.S. stocks fell midday, with the Dow down 0.45% and NASDAQ down 0.16%. Xenon Pharmaceuticals (XENE) shares dropped 29% after pausing psychiatry studies. Other movers include SECZ (+10%), PURR (+6%), and MG (+6%). U.S. industrial production was unchanged in August, missing estimates.

Xenon Pharmaceuticals (XENE) halted clinical trials for azetukalner, a potential epilepsy treatment, due to unexpected side effects. The stock, which had surged 50% in March on positive data, fell to a six-month low. The company cited safety concerns as the reason for the pause.

US stock indexes were set for a subdued open on Friday, with tech shares mixed. Alphabet and Meta rose, while Nvidia and Microsoft slipped. Oil prices fell, easing inflation concerns, but higher Treasury yields dampened stock appetite. Xenon Pharmaceuticals dropped 23% after pausing drug trials. Berkshire Hathaway shares fell 0.4% after Warren Buffett stepped down as chairman. ON Holding rose 6% after signing Kylian Mbappé.

Needham reduced its price target for Xenon Pharmaceuticals (XENE) to $60 from $78, citing a pause in psychiatry studies due to adverse events. The stock trades at $57.35. Analysts' targets range from $46 to $100. Xenon plans to modify dosing before resuming trials. Needham removed sales projections for the drug candidate AZK in depression and bipolar disorder from its model.