Millennium Management LLC Increases Holdings in Xenon Pharmaceuticals Inc. (NASDAQ:XENE)

Millennium Management LLC raised its stake in shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE) by 109.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 175,584 shares of the biopharmaceutical company’s stock after purchasing an additional 91,923 shares during the period. Millennium Management LLC owned 0.23% of Xenon Pharmaceuticals worth $6,846,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of XENE. Wellington Management Group LLP grew its stake in shares of Xenon Pharmaceuticals by 140.9% in the 4th quarter. Wellington Management Group LLP now owns 4,162,654 shares of the biopharmaceutical company’s stock worth $191,732,000 after buying an additional 2,434,546 shares in the last quarter. Capital International Investors boosted its holdings in Xenon Pharmaceuticals by 0.8% during the 1st quarter. Capital International Investors now owns 2,475,859 shares of the biopharmaceutical company’s stock valued at $106,586,000 after acquiring an additional 20,176 shares during the period. Perceptive Advisors LLC grew its position in Xenon Pharmaceuticals by 78.3% in the 4th quarter. Perceptive Advisors LLC now owns 1,100,748 shares of the biopharmaceutical company’s stock valued at $50,700,000 after acquiring an additional 483,248 shares during the last quarter. Affinity Asset Advisors LLC increased its stake in Xenon Pharmaceuticals by 18.7% in the second quarter. Affinity Asset Advisors LLC now owns 994,227 shares of the biopharmaceutical company’s stock worth $38,765,000 after purchasing an additional 156,840 shares during the period. Finally, Lord Abbett & CO. LLC increased its position in shares of Xenon Pharmaceuticals by 24.7% during the first quarter. Lord Abbett & CO. LLC now owns 895,196 shares of the biopharmaceutical company’s stock worth $38,539,000 after acquiring an additional 177,224 shares during the period. 95.45% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on XENE. Royal Bank of Canada restated an “outperform” rating and issued a $55.00 price objective on shares of Xenon Pharmaceuticals in a report on Tuesday, September 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $65.00 target price on shares of Xenon Pharmaceuticals in a research report on Friday, August 9th. Raymond James restated an “outperform” rating and set a $50.00 price target on shares of Xenon Pharmaceuticals in a research note on Thursday. HC Wainwright initiated coverage on shares of Xenon Pharmaceuticals in a report on Tuesday, October 1st. They set a “buy” rating and a $53.00 price objective on the stock. Finally, Wedbush reduced their target price on Xenon Pharmaceuticals from $50.00 to $49.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Eleven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $57.45.

Xenon Pharmaceuticals Stock Up 2.5 %

XENE stock opened at $40.41 on Friday. Xenon Pharmaceuticals Inc. has a 52 week low of $27.99 and a 52 week high of $50.99. The stock has a market capitalization of $3.05 billion, a P/E ratio of -14.91 and a beta of 1.25. The firm has a 50-day simple moving average of $39.93 and a 200-day simple moving average of $40.19.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.05). During the same period in the previous year, the business posted ($0.72) EPS. On average, analysts expect that Xenon Pharmaceuticals Inc. will post -3.14 earnings per share for the current year.

Xenon Pharmaceuticals 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.