Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Receives $53.67 Consensus Target Price from Brokerages

Shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE) have received a consensus recommendation of “Moderate Buy” from the twelve research firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $53.6667.

Several research firms recently commented on XENE. Bloom Burton raised Xenon Pharmaceuticals to a “strong-buy” rating in a report on Tuesday, October 7th. Chardan Capital reaffirmed a “buy” rating and set a $55.00 target price on shares of Xenon Pharmaceuticals in a report on Tuesday, October 7th. Wells Fargo & Company began coverage on Xenon Pharmaceuticals in a report on Wednesday, September 3rd. They set an “overweight” rating and a $48.00 target price on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $55.00 target price on shares of Xenon Pharmaceuticals in a report on Tuesday, September 2nd. Finally, Wedbush raised their target price on Xenon Pharmaceuticals from $42.00 to $43.00 and gave the stock an “outperform” rating in a report on Tuesday, August 12th.

Insider Activity at Xenon Pharmaceuticals

In other news, CEO Ian Mortimer sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $40.16, for a total value of $1,004,000.00. Following the completion of the sale, the chief executive officer directly owned 31,302 shares in the company, valued at $1,257,088.32. The trade was a 44.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in XENE. Holocene Advisors LP purchased a new position in shares of Xenon Pharmaceuticals during the 2nd quarter valued at approximately $56,637,000. Geode Capital Management LLC lifted its position in shares of Xenon Pharmaceuticals by 1,294.2% during the 2nd quarter. Geode Capital Management LLC now owns 970,343 shares of the biopharmaceutical company’s stock valued at $30,369,000 after buying an additional 900,746 shares in the last quarter. Braidwell LP lifted its position in shares of Xenon Pharmaceuticals by 33.0% during the 2nd quarter. Braidwell LP now owns 3,605,029 shares of the biopharmaceutical company’s stock valued at $112,837,000 after buying an additional 895,154 shares in the last quarter. Vestal Point Capital LP lifted its position in shares of Xenon Pharmaceuticals by 53.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,000,000 shares of the biopharmaceutical company’s stock valued at $62,600,000 after buying an additional 700,000 shares in the last quarter. Finally, Commodore Capital LP lifted its position in shares of Xenon Pharmaceuticals by 30.1% during the 2nd quarter. Commodore Capital LP now owns 3,025,000 shares of the biopharmaceutical company’s stock valued at $94,682,000 after buying an additional 700,000 shares in the last quarter. Hedge funds and other institutional investors own 95.45% of the company’s stock.

Xenon Pharmaceuticals Stock Performance

Shares of XENE stock opened at $43.44 on Friday. The stock’s 50-day simple moving average is $38.56 and its 200-day simple moving average is $34.63. The firm has a market capitalization of $3.35 billion, a PE ratio of -12.24 and a beta of 1.14. Xenon Pharmaceuticals has a fifty-two week low of $26.74 and a fifty-two week high of $46.00.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings data on Monday, August 11th. The biopharmaceutical company reported ($1.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.03) by ($0.04). During the same quarter last year, the business earned ($0.75) earnings per share. Sell-side analysts forecast that Xenon Pharmaceuticals will post -3.1 earnings per share for the current year.

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals Inc, a neuroscience-focused biopharmaceutical company, engages in the development of therapeutics to treat patients with neurological disorders in Canada. Its clinical development pipeline includes XEN1101, a novel and potent Kv7 potassium channel opener, which is in Phase 3 clinical trials for the treatment of epilepsy and other neurological disorders.