Needham & Company LLC Reiterates “Buy” Rating for Xenon Pharmaceuticals (NASDAQ:XENE)

Needham & Company LLC reaffirmed their buy rating on shares of Xenon Pharmaceuticals (NASDAQ:XENE) in a research note published on Friday morning, Benzinga reports. They currently have a $62.00 price target on the biopharmaceutical company’s stock.

Several other research analysts have also issued reports on the stock. Bank of America lifted their price target on shares of Xenon Pharmaceuticals from $52.00 to $56.00 and gave the stock a buy rating in a research report on Tuesday, January 2nd. Citigroup started coverage on Xenon Pharmaceuticals in a report on Thursday, January 4th. They issued a buy rating and a $62.00 target price on the stock. Royal Bank of Canada reduced their target price on Xenon Pharmaceuticals from $56.00 to $55.00 and set an outperform rating for the company in a report on Friday, March 1st. JPMorgan Chase & Co. lifted their price target on Xenon Pharmaceuticals from $54.00 to $59.00 and gave the stock an outperform rating in a research note on Tuesday, December 19th. Finally, Cantor Fitzgerald reaffirmed an overweight rating and set a $65.00 price objective on shares of Xenon Pharmaceuticals in a research note on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $59.44.

Xenon Pharmaceuticals Stock Up 0.0 %

Shares of XENE stock opened at $41.31 on Friday. The stock has a 50-day simple moving average of $45.39 and a 200 day simple moving average of $40.74. The stock has a market capitalization of $3.12 billion, a P/E ratio of -15.19 and a beta of 1.15. Xenon Pharmaceuticals has a fifty-two week low of $27.99 and a fifty-two week high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its quarterly earnings data on Thursday, February 29th. The biopharmaceutical company reported ($0.64) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.12. The company’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.57) EPS. On average, sell-side analysts anticipate that Xenon Pharmaceuticals will post -3.04 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Sherrington Robin sold 7,137 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $46.28, for a total transaction of $330,300.36. Following the completion of the sale, the executive vice president now owns 8,398 shares in the company, valued at approximately $388,659.44. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Xenon Pharmaceuticals news, EVP Sherrington Robin sold 7,137 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $46.28, for a total value of $330,300.36. Following the completion of the sale, the executive vice president now owns 8,398 shares in the company, valued at approximately $388,659.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven Gannon sold 13,000 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $46.28, for a total value of $601,640.00. Following the sale, the director now owns 2,000 shares in the company, valued at $92,560. The disclosure for this sale can be found here. Company insiders own 5.43% of the company’s stock.

Hedge Funds Weigh In On Xenon Pharmaceuticals

A number of hedge funds have recently made changes to their positions in XENE. JPMorgan Chase & Co. increased its stake in Xenon Pharmaceuticals by 33.4% in the first quarter. JPMorgan Chase & Co. now owns 6,371 shares of the biopharmaceutical company’s stock valued at $194,000 after acquiring an additional 1,596 shares during the period. Citigroup Inc. boosted its holdings in Xenon Pharmaceuticals by 4,353.5% during the first quarter. Citigroup Inc. now owns 102,475 shares of the biopharmaceutical company’s stock valued at $3,133,000 after purchasing an additional 100,174 shares in the last quarter. BlackRock Inc. boosted its holdings in Xenon Pharmaceuticals by 8.3% during the first quarter. BlackRock Inc. now owns 614,957 shares of the biopharmaceutical company’s stock valued at $18,801,000 after purchasing an additional 47,385 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Xenon Pharmaceuticals by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 293,729 shares of the biopharmaceutical company’s stock valued at $8,979,000 after purchasing an additional 1,783 shares during the period. Finally, Allianz Asset Management GmbH raised its holdings in shares of Xenon Pharmaceuticals by 46.2% in the 1st quarter. Allianz Asset Management GmbH now owns 102,185 shares of the biopharmaceutical company’s stock worth $3,123,000 after buying an additional 32,280 shares in the last quarter. Institutional investors and hedge funds own 95.45% of the company’s stock.

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.