Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Receives $58.78 Average Price Target from Brokerages

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) has been given a consensus recommendation of “Buy” by the ten research firms that are currently covering the firm, MarketBeat Ratings reports. Nine research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $58.78.

A number of research analysts have weighed in on the stock. Wedbush reduced their price target on shares of Xenon Pharmaceuticals from $50.00 to $49.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. Needham & Company LLC decreased their price target on shares of Xenon Pharmaceuticals from $62.00 to $60.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $65.00 price target on shares of Xenon Pharmaceuticals in a report on Friday, August 9th. William Blair upgraded Xenon Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $55.00 target price on shares of Xenon Pharmaceuticals in a research note on Tuesday, September 3rd.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the stock. Swiss National Bank boosted its stake in Xenon Pharmaceuticals by 10.8% during the 4th quarter. Swiss National Bank now owns 123,800 shares of the biopharmaceutical company’s stock valued at $5,702,000 after purchasing an additional 12,100 shares during the period. Jump Financial LLC acquired a new position in shares of Xenon Pharmaceuticals during the fourth quarter worth approximately $1,105,000. Assetmark Inc. grew its holdings in Xenon Pharmaceuticals by 39.9% in the 4th quarter. Assetmark Inc. now owns 9,938 shares of the biopharmaceutical company’s stock worth $458,000 after buying an additional 2,835 shares in the last quarter. Franklin Resources Inc. increased its position in Xenon Pharmaceuticals by 70.2% in the 4th quarter. Franklin Resources Inc. now owns 293,825 shares of the biopharmaceutical company’s stock valued at $13,534,000 after acquiring an additional 121,213 shares during the period. Finally, Aigen Investment Management LP bought a new stake in Xenon Pharmaceuticals during the 4th quarter valued at $370,000. 95.45% of the stock is owned by institutional investors and hedge funds.

Xenon Pharmaceuticals Stock Up 3.7 %

Shares of NASDAQ:XENE opened at $40.84 on Friday. The business has a fifty day simple moving average of $40.79 and a 200-day simple moving average of $40.80. Xenon Pharmaceuticals has a 52 week low of $27.99 and a 52 week high of $50.99. The company has a market cap of $3.09 billion, a P/E ratio of -15.07 and a beta of 1.25.

Xenon Pharmaceuticals (NASDAQ:XENE) last released its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.70) by ($0.05). During the same period last year, the business earned ($0.72) EPS. Sell-side analysts expect that Xenon Pharmaceuticals will post -3.16 earnings per share for the current fiscal year.

About Xenon Pharmaceuticals

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.