50% and 61% Gains in a Single Day: Why XENE and RLMD Soared Today
50% and 61% Gains in a Single Day: Why XENE and RLMD Soared Today
Eric BleekerMon, March 9, 2026 at 11:00 PM UTC
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MicroStockHub / iStock via Getty Images (MicroStockHub / iStock via Getty Images)Quick Read -
Xenon Pharmaceuticals (XENE) is up 49.6% to $62.76 after azetukalner showed 53.2% seizure reduction, with $716M cash and $56.50 average price target. Relmada Therapeutics (RLMD) rose 61.1% to $7.17 on 92% response rate data, with $2.3B peak sales projection.
Xenon’s epilepsy drug and Relmada’s bladder cancer treatment posted strong efficacy data, clearing major regulatory hurdles and positioning both for commercialization.
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Two small-cap biotech names made serious noise today. Xenon Pharmaceuticals (XENE) is trading at $62.76, up 49.6% today, while Relmada Therapeutics (RLMD) sits at $7.17, also up 61.1% Both moves were absolutely eye-popping, but follow major news that has led investors to re-rate each stock. Clinical data results point to a brighter future ahead for both Xenon and Relmada.
Azetukalner Clears a Major Hurdle for Xenon
The big news for XENE hit Monday morning, when Xenon announced that its lead epilepsy drug, azetukalner, met the primary endpoint in the Phase 3 X-TOLE2 study for focal onset seizures. The result: a 53.2% reduction in seizure frequency versus placebo. That is the kind of number that turns a speculative biotech into a near-term commercial story.
The company is now targeting an NDA submission to the FDA in the second half of 2026. Cantor Fitzgerald and Stifel both raised their price targets in response, joining a consensus of 21 analysts with Buy or Strong Buy ratings and an average target price of $56.50 heading into today's move. The stock has already blown past that consensus, but I would expect more raised targets in the weeks ahead as Wall Street digests these clinical results.
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This result matters beyond just one trial. Xenon has five active Phase 3 studies across epilepsy and neuropsychiatry, and long-term open-label extension data showed over 90% reduction in monthly focal onset seizure frequency, with over 38% of patients achieving 12 or more months of seizure freedom. That durability of effect is what separates a drug that gets approved from one that actually gets prescribed.
The company has pro forma cash of $716 million, with runway into the second half of 2027, so there is no near-term financing risk hanging over the NDA process.
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Relmada Posts 12-Month NDV-01 Data for Bladder Cancer
Relmada Therapeutics' move is driven by the release today of 12-month Phase 2 interim data for NDV-01, its intravesical treatment for non-muscle-invasive bladder cancer (NMIBC). The 9-month data, reported back in December, already showed a 92% complete response rate with no patients progressing to muscle-invasive disease. Today's 12-month update is the primary endpoint readout the market has been building toward.
The setup here is genuinely interesting. NMIBC represents approximately 75-80% of all bladder cancer cases, with over 744,000 prevalent U.S. cases. NDV-01 is a sustained-release intravesical formulation of gemcitabine and docetaxel designed for use in community urology settings, not just academic centers. That last point matters because 70-80% of NMIBC patients are currently treated in community settings, which existing formulations largely cannot reach due to pharmacy and administration barriers.
The FDA has already aligned on two separate registrational pathways: a single-arm trial for high-grade BCG-unresponsive NMIBC and a randomized trial for intermediate-risk NMIBC in the adjuvant setting. Both Phase 3 studies are expected to initiate in the first half of 2026.
Leerink Partners projected peak sales of $2.3 billion for NDV-01 when they upgraded the stock to Outperform in January. The current market cap sits at roughly $525 million, so there could be further upside ahead if Relmada keeps delivering stellar results.
What to Watch
For XENE, the next milestone is the formal NDA submission later this year. For RLMD, watch for the full 12-month data release and any commentary on Phase 3 trial initiation timelines.
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