5 Stocks Making Huge Moves this Week

3. Xenon Pharmaceuticals Inc. (NASDAQ:XENE)

Xenon Pharmaceuticals climbed by 31.7 percent week-on-week, as investor sentiment was bolstered by positive clinical trial for its epilepsy and depression treatment candidate, alongside plans to submit a new drug application (NDA) in the second half of the year.

In a statement earlier in the week, Xenon Pharmaceuticals Inc. (NASDAQ:XENE) said that it would submit an NDA for its treatment candidate, Azetukalner, with the Food and Drug Administration (FDA) in the third quarter.

This followed the completion of the third phase of clinical trial, which saw a 53 percent seizure reduction in patients who took both 25mg and 15mg, versus the placebo, over a 12-week period.

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) added that Azetukalner also demonstrated a safety and tolerability profile consistent with prior studies.

“We are very happy to announce these data for azetukalner, which exceeded expectations and, to our knowledge, show the highest placebo-adjusted efficacy ever observed in a pivotal epilepsy study,” Xenon Pharmaceuticals Inc. (NASDAQ:XENE) President and CEO Ian Mortimer said.

Following the results, the company successfully raised $747.5 million in fresh funds from a public offering of 12.2 million common shares.