Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Receives Average Recommendation of “Buy” from Analysts

Shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE) have earned a consensus rating of “Buy” from the nine research firms that are presently covering the stock, Marketbeat Ratings reports. Nine investment analysts have rated the stock with a buy recommendation. The average 12 month price target among analysts that have issued a report on the stock in the last year is $59.11.

Several analysts have recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $62.00 price objective on shares of Xenon Pharmaceuticals in a research note on Friday, May 10th. Wedbush reduced their price target on Xenon Pharmaceuticals from $51.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. Cantor Fitzgerald reissued an “overweight” rating and set a $65.00 price objective on shares of Xenon Pharmaceuticals in a research report on Wednesday, April 10th. Citigroup cut their target price on shares of Xenon Pharmaceuticals from $62.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $55.00 price target on shares of Xenon Pharmaceuticals in a research note on Tuesday, June 18th.

Institutional Trading of Xenon Pharmaceuticals

Institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP grew its position in shares of Xenon Pharmaceuticals by 140.9% during the fourth quarter. Wellington Management Group LLP now owns 4,162,654 shares of the biopharmaceutical company’s stock worth $191,732,000 after acquiring an additional 2,434,546 shares during the last quarter. First Light Asset Management LLC grew its position in Xenon Pharmaceuticals by 173.3% during the 4th quarter. First Light Asset Management LLC now owns 1,645,490 shares of the biopharmaceutical company’s stock worth $75,791,000 after purchasing an additional 1,043,420 shares during the last quarter. Avoro Capital Advisors LLC increased its stake in Xenon Pharmaceuticals by 15.6% in the fourth quarter. Avoro Capital Advisors LLC now owns 5,666,666 shares of the biopharmaceutical company’s stock valued at $261,007,000 after purchasing an additional 766,666 shares during the period. First Turn Management LLC purchased a new stake in shares of Xenon Pharmaceuticals in the fourth quarter valued at about $31,339,000. Finally, Avidity Partners Management LP boosted its stake in shares of Xenon Pharmaceuticals by 153.9% during the fourth quarter. Avidity Partners Management LP now owns 815,993 shares of the biopharmaceutical company’s stock worth $37,585,000 after buying an additional 494,593 shares during the period. Hedge funds and other institutional investors own 95.45% of the company’s stock.

Xenon Pharmaceuticals Stock Performance

Shares of XENE opened at $38.99 on Friday. The company’s 50-day simple moving average is $39.33 and its 200-day simple moving average is $42.97. Xenon Pharmaceuticals has a 1 year low of $27.99 and a 1 year high of $50.99. The stock has a market capitalization of $2.94 billion, a PE ratio of -14.39 and a beta of 1.22.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.62) earnings per share for the quarter, topping the consensus estimate of ($0.69) by $0.07. The business had revenue of $1.00 million for the quarter. During the same quarter in the prior year, the firm posted ($0.63) earnings per share. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. On average, sell-side analysts predict that Xenon Pharmaceuticals will post -2.98 earnings per share for the current year.

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals Inc, a clinical-stage biopharmaceutical company, engages in developing therapeutics to treat patients with neurological disorders in Canada. Its clinical development pipeline includes XEN496, a Kv7 potassium channel opener that is Phase III clinical trials for the treatment of KCNQ2 developmental and epileptic encephalopathy; and XEN1101, a Kv7 potassium channel opener, which is in Phase II clinical trial for the treatment of epilepsy and other neurological disorders.