Xenon Pharmaceuticals (NASDAQ:XENE) Sees Large Volume Increase – Here’s Why

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) shares saw unusually-high trading volume on Monday . Approximately 1,197,154 shares traded hands during mid-day trading, a decline of 8% from the previous session’s volume of 1,300,912 shares.The stock last traded at $39.9010 and had previously closed at $39.75.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $46.00 target price (down from $90.00) on shares of Xenon Pharmaceuticals in a research note on Friday. HC Wainwright restated a “buy” rating on shares of Xenon Pharmaceuticals in a research note on Friday. Wall Street Zen lowered shares of Xenon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Saturday. JPMorgan Chase & Co. raised their target price on Xenon Pharmaceuticals from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Wednesday, May 27th. Finally, Wedbush cut their target price on shares of Xenon Pharmaceuticals from $71.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.93.

Xenon Pharmaceuticals Price Performance

The stock has a market cap of $3.75 billion, a PE ratio of -8.19 and a beta of 0.61. The business has a 50 day simple moving average of $62.12 and a 200 day simple moving average of $58.05.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.11) earnings per share for the quarter, beating the consensus estimate of ($1.16) by $0.05. During the same period in the prior year, the business earned ($1.07) EPS. As a group, sell-side analysts forecast that Xenon Pharmaceuticals Inc. will post -4.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Steven Gannon sold 10,000 shares of Xenon Pharmaceuticals stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $64.06, for a total value of $640,600.00. Following the transaction, the director owned 1,870 shares of the company’s stock, valued at $119,792.20. This trade represents a 84.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christopher Kenney sold 7,068 shares of the business’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $60.25, for a total transaction of $425,847.00. Following the completion of the sale, the insider owned 2 shares of the company’s stock, valued at $120.50. The trade was a 99.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.91% of the stock is owned by corporate insiders.

Institutional Trading of Xenon Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC acquired a new stake in shares of Xenon Pharmaceuticals during the 2nd quarter worth about $6,813,000. BlackRock Inc. acquired a new stake in Xenon Pharmaceuticals during the 2nd quarter valued at $454,057,000. Siren L.L.C. grew its holdings in shares of Xenon Pharmaceuticals by 62.2% during the first quarter. Siren L.L.C. now owns 1,318,564 shares of the biopharmaceutical company’s stock worth $76,674,000 after purchasing an additional 505,803 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Xenon Pharmaceuticals by 2.3% in the first quarter. Bank of New York Mellon Corp now owns 396,138 shares of the biopharmaceutical company’s stock valued at $23,035,000 after buying an additional 8,980 shares during the last quarter. Finally, Nicholas Investment Partners LP lifted its position in Xenon Pharmaceuticals by 104.0% during the 4th quarter. Nicholas Investment Partners LP now owns 242,989 shares of the biopharmaceutical company’s stock worth $10,891,000 after buying an additional 123,891 shares in the last quarter. 95.45% of the stock is currently owned by institutional investors and hedge funds.

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals Inc (NASDAQ:XENE) is a clinical-stage biopharmaceutical company focused on developing medicines for neurological and psychiatric disorders. The company uses its expertise in ion channels, which regulate the electrical activity of nerve cells, to discover and advance potential treatments for conditions with significant unmet medical needs.

Xenon’s leading investigational product is azetukalner (XEN1101), an oral, small-molecule potassium-channel opener being studied in epilepsy, including focal-onset seizures, and major depressive disorder.