Xenon Pharmaceuticals Inc. (NASDAQ:XENE) shares fell 25.39% to $42.79 in after-hours trading Thursday after the company announced a temporary pause in enrollment for new patients in its ongoing psychiatry studies.
Xenon Pharmaceuticals is a neuroscience-focused biopharmaceutical company developing therapies for epilepsy, major depressive disorder and bipolar depression.
Psychiatry Trial Pause
The company said it voluntarily paused enrollment in ongoing clinical studies in major depressive disorder and bipolar depression following an analysis of neuropsychiatric adverse events.
Participants already enrolled in the randomized controlled psychiatry studies and associated open-label extension studies will continue on the trials, Xenon said.
The company said the observed events, their rate and severity were consistent with the known safety and tolerability profile of azetukalner and its mechanism, but had not previously been observed in the Phase 2 X-NOVA clinical study in major depressive disorder.
Xenon said it is evaluating potential dosing modifications to help mitigate the adverse events and expects the enrollment pause to be temporary. The company said the action does not impact its ongoing epilepsy studies.
Trading Metrics, Technical Analysis
Xenon Pharmaceuticals has a market capitalization of approximately $5.55 billion. Its stock has traded between a 52-week high of $72.66 and a 52-week low of $35.97.
Over the past 12 months, Xenon shares have risen 51.88%.
Benzinga’s Edge Stock Rankings show a negative price trend across the short- and medium-term time frames, while the long-term trend is positive.
Price Action: In the regular session, the stock rose 1.04% to close at $57.35, according to Benzinga Pro data.
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