5 Best Performing Canadian Stocks So Far in 2026

4. Xenon Pharmaceuticals Inc. (NASDAQ:XENE)

On May 12, 2026, JPMorgan analyst Tessa Romero raised the firm’s price target on Xenon Pharmaceuticals Inc. (NASDAQ:XENE) to $80 from $77 and maintained an Overweight rating on the shares.

Wells Fargo analyst Benjamin Burnett also raised the firm’s price target on Xenon Pharmaceuticals Inc. (NASDAQ:XENE) to $69 from $68 while keeping an Overweight rating. The firm said it continues to see a high probability of approval for azetukalner in focal onset seizures, though recent Phase 3 data from Praxis Precision Medicines for vormatrigine could create some near-term competitive pressure for Xenon.

On May 7, 2026, Xenon Pharmaceuticals Inc. (NASDAQ:XENE) reported Q1 EPS of ($1.17), versus the consensus estimate of ($1.20). President and CEO Ian Mortimer said the company’s X-TOLE2 study delivered positive results that exceeded expectations and further strengthened the outlook for azetukalner as a potential treatment option for patients with uncontrolled focal onset seizures. Management said the X-TOLE2 data support plans to submit a New Drug Application to the FDA in the third quarter of 2026, with commercial launch preparations already underway. The company also noted that its cash position is expected to support operations into 2029. Mortimer added that Xenon continues to advance several additional Phase 3 studies involving azetukalner across epilepsy and neuropsychiatry indications. The company also expects to complete first-in-human studies later this year for new pain-focused programs targeting NaV1.7 and KV7.

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) is a neuroscience-focused biopharmaceutical company developing treatments for neurological and psychiatric disorders.