Xenon Pharmaceuticals (NASDAQ:XENE) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Xenon Pharmaceuticals (NASDAQ:XENE) in a research report report published on Wednesday,Benzinga reports. The firm currently has a $60.00 price target on the biopharmaceutical company’s stock.

Other research analysts have also issued research reports about the company. William Blair upgraded Xenon Pharmaceuticals to a “strong-buy” rating in a report on Friday, August 30th. HC Wainwright assumed coverage on Xenon Pharmaceuticals in a report on Tuesday, October 1st. They issued a “buy” rating and a $53.00 price target on the stock. Raymond James restated an “outperform” rating and issued a $50.00 target price on shares of Xenon Pharmaceuticals in a report on Thursday, October 10th. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 target price on shares of Xenon Pharmaceuticals in a report on Friday, August 9th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $55.00 target price on shares of Xenon Pharmaceuticals in a report on Tuesday, September 3rd. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $57.45.

Xenon Pharmaceuticals Stock Performance

Shares of NASDAQ:XENE opened at $39.83 on Wednesday. The business’s 50 day simple moving average is $41.21 and its two-hundred day simple moving average is $40.34. The firm has a market cap of $3.04 billion, a P/E ratio of -14.12 and a beta of 1.25. Xenon Pharmaceuticals has a 52-week low of $28.10 and a 52-week high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.81) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.82) by $0.01. During the same period in the prior year, the business posted ($0.73) earnings per share. On average, equities analysts forecast that Xenon Pharmaceuticals will post -3.12 earnings per share for the current fiscal year.

Institutional Trading of Xenon Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. Vestcor Inc purchased a new stake in Xenon Pharmaceuticals in the third quarter worth $327,000. Barclays PLC increased its position in Xenon Pharmaceuticals by 1,275.5% in the third quarter. Barclays PLC now owns 14,993 shares of the biopharmaceutical company’s stock worth $590,000 after buying an additional 13,903 shares during the last quarter. Y Intercept Hong Kong Ltd increased its position in Xenon Pharmaceuticals by 68.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 24,557 shares of the biopharmaceutical company’s stock worth $967,000 after buying an additional 10,007 shares during the last quarter. Wellington Management Group LLP increased its position in Xenon Pharmaceuticals by 0.4% in the third quarter. Wellington Management Group LLP now owns 3,843,447 shares of the biopharmaceutical company’s stock worth $151,317,000 after buying an additional 15,226 shares during the last quarter. Finally, Two Sigma Advisers LP increased its position in Xenon Pharmaceuticals by 31.0% in the third quarter. Two Sigma Advisers LP now owns 273,700 shares of the biopharmaceutical company’s stock worth $10,776,000 after buying an additional 64,800 shares during the last quarter. 95.45% of the stock is owned by hedge funds and other institutional investors.

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.