Xenon Pharmaceuticals (NASDAQ:XENE) Cut to Strong Sell at Wall Street Zen

Wall Street Zen downgraded shares of Xenon Pharmaceuticals (NASDAQ:XENE) from a sell rating to a strong sell rating in a report published on Saturday,Wall Street Zen reports.

Several other analysts have also weighed in on the company. HC Wainwright restated a “buy” rating on shares of Xenon Pharmaceuticals in a report on Friday. Wedbush lowered their target price on shares of Xenon Pharmaceuticals from $71.00 to $55.00 and set an “outperform” rating for the company in a report on Friday. Robert W. Baird cut their price target on shares of Xenon Pharmaceuticals from $97.00 to $90.00 and set an “outperform” rating on the stock in a report on Friday. Weiss Ratings reissued a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a research note on Monday, July 6th. Finally, Needham & Company LLC dropped their target price on Xenon Pharmaceuticals from $78.00 to $60.00 and set a “buy” rating for the company in a research report on Friday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $70.93.

Xenon Pharmaceuticals Stock Down 1.9%

Shares of NASDAQ:XENE opened at $38.99 on Friday. The firm has a fifty day simple moving average of $61.54 and a two-hundred day simple moving average of $58.02. Xenon Pharmaceuticals has a 52 week low of $35.97 and a 52 week high of $72.66. The stock has a market capitalization of $3.77 billion, a P/E ratio of -8.23 and a beta of 0.61.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.11) EPS for the quarter, beating analysts’ consensus estimates of ($1.16) by $0.05. During the same quarter in the prior year, the company posted ($1.07) earnings per share. On average, analysts expect that Xenon Pharmaceuticals will post -4.7 earnings per share for the current year.

Insider Activity

In other Xenon Pharmaceuticals news, insider Christopher Kenney sold 7,068 shares of the business’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $60.25, for a total value of $425,847.00. Following the completion of the sale, the insider directly owned 2 shares of the company’s stock, valued at $120.50. The trade was a 99.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Steven Gannon sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $64.06, for a total transaction of $640,600.00. Following the completion of the transaction, the director owned 1,870 shares in the company, valued at $119,792.20. This represents a 84.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 2.91% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of XENE. Tidal Investments LLC raised its position in Xenon Pharmaceuticals by 33.1% during the 2nd quarter. Tidal Investments LLC now owns 8,283 shares of the biopharmaceutical company’s stock valued at $500,000 after purchasing an additional 2,058 shares in the last quarter. Engineers Gate Manager LP increased its stake in shares of Xenon Pharmaceuticals by 566.8% during the second quarter. Engineers Gate Manager LP now owns 62,183 shares of the biopharmaceutical company’s stock valued at $3,753,000 after buying an additional 52,857 shares during the period. Squarepoint Ops LLC purchased a new stake in Xenon Pharmaceuticals in the second quarter worth about $6,813,000. Arizona State Retirement System increased its position in Xenon Pharmaceuticals by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 22,382 shares of the biopharmaceutical company’s stock valued at $1,351,000 after purchasing an additional 513 shares during the period. Finally, Nykredit A S purchased a new stake in shares of Xenon Pharmaceuticals in the 2nd quarter worth approximately $67,000. Institutional investors own 95.45% of the company’s stock.

Xenon Pharmaceuticals News Roundup

Here are the key news stories impacting Xenon Pharmaceuticals this week:

• Positive Sentiment: Goldman Sachs maintained its Buy rating on Xenon, indicating that the firm continues to see longer-term value in the company’s neuroscience programs despite the recent clinical setback. Goldman Sachs Sticks to Its Buy Rating for Xenon
• Neutral Sentiment: Xenon will present at the TD Cowen Novel Mechanisms in Neuropsychiatry & Epilepsy Summit. The presentation may provide investors with additional details on its development programs, but the announcement itself contains no new clinical or financial data. Xenon to Present at TD Cowen Novel Mechanisms in Neuropsychiatry & Epilepsy Summit
• Negative Sentiment: Xenon paused enrollment in a depression study, triggering a sharp selloff. The move raises concerns about the program’s development timeline, future clinical execution and the potential value of the psychiatry pipeline. Reports also noted that the pause came despite positive NDA-related data, increasing investor uncertainty over the path forward. Xenon Pharmaceuticals Stock Sinks 31% After Pausing Depression Study Enrollment
• Negative Sentiment: Analysts lowered their expectations for Xenon: RBC cut its price target to $70, Wedbush reduced its target to $55, and Baird and Needham issued more cautious forecasts. These revisions reinforce concerns about near-term execution and valuation following the trial update. RBC Lowers Xenon Price Target

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.