Benzinga | Oct 4, 2021 10:07AM EDT

Why Xenon Pharmaceuticals Stock Is Soaring Today

Xenon Pharmaceuticals Inc (NASDAQ:XENE) is trading significantly higher Monday after the company announced its phase 2 study of XEN1101 for the treatment of epilepsy met all primary and secondary endpoints.

XEN1101 demonstrated a statistically significant and dose-dependent reduction from baseline in monthly focal seizure frequency when compared to the placebo.

"Importantly, we saw statistically significant reductions of focal onset seizures compared to placebo across all dose groups, which suggests it is highly active in the central nervous system. With these compelling topline results, we are eager to work with the FDA to plan for an expedited development path moving forward," said Christopher Kenney, chief medical officer of Xenon Pharmaceuticals.

Xenon Pharmaceuticals is a clinical-stage biopharmaceutical company committed to developing innovative therapeutics to improve the lives of patients with neurological disorders, including the rare central nervous system, or CNS, conditions.

XENE Price Action: Xenon Pharmaceuticals is making new 52-week highs in trading today.

The stock was up 74.40% at $27.33 at time of publication.