Xenon Pharmaceuticals (NASDAQ:XENE) Shares Gap Down Following Analyst Downgrade

Xenon Pharmaceuticals Inc. (NASDAQ:XENE)’s share price gapped down before the market opened on Friday after Wedbush lowered their price target on the stock from $51.00 to $50.00. The stock had previously closed at $42.49, but opened at $40.76. Wedbush currently has an outperform rating on the stock. Xenon Pharmaceuticals shares last traded at $42.48, with a volume of 70,726 shares traded.

Several other analysts also recently weighed in on XENE. Needham & Company LLC reaffirmed a “buy” rating and issued a $62.00 target price on shares of Xenon Pharmaceuticals in a report on Friday, April 12th. Royal Bank of Canada lowered their target price on shares of Xenon Pharmaceuticals from $56.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, March 1st. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $65.00 price objective on shares of Xenon Pharmaceuticals in a report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.33.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Xenon Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in XENE. Tower Research Capital LLC TRC grew its holdings in Xenon Pharmaceuticals by 414.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,014 shares of the biopharmaceutical company’s stock worth $47,000 after acquiring an additional 817 shares in the last quarter. Parallel Advisors LLC increased its stake in Xenon Pharmaceuticals by 51.2% during the 4th quarter. Parallel Advisors LLC now owns 1,125 shares of the biopharmaceutical company’s stock valued at $52,000 after buying an additional 381 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in shares of Xenon Pharmaceuticals by 98.2% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,651 shares of the biopharmaceutical company’s stock worth $56,000 after purchasing an additional 818 shares during the last quarter. PNC Financial Services Group Inc. acquired a new position in shares of Xenon Pharmaceuticals in the 4th quarter worth approximately $91,000. Finally, 17 Capital Partners LLC acquired a new position in shares of Xenon Pharmaceuticals in the 1st quarter worth approximately $122,000. 95.45% of the stock is owned by institutional investors and hedge funds.

Xenon Pharmaceuticals Stock Down 2.0 %

The firm’s 50-day moving average price is $42.87 and its two-hundred day moving average price is $41.52. The firm has a market capitalization of $3.14 billion, a PE ratio of -15.62 and a beta of 1.19.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.62) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.07. The company had revenue of $1.00 million for the quarter. The business’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.63) EPS. Equities research analysts forecast that Xenon Pharmaceuticals Inc. will post -3.04 EPS 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.