Xenon Pharmaceuticals (NASDAQ:XENE) Price Target Cut to $70.00 by Analysts at Royal Bank Of Canada

Xenon Pharmaceuticals (NASDAQ:XENE) had its price objective lowered by stock analysts at Royal Bank Of Canada from $81.00 to $70.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 70.05% from the company’s current price.

XENE has been the subject of a number of other research reports. HC Wainwright restated a “buy” rating on shares of Xenon Pharmaceuticals in a research report on Friday. Needham & Company LLC decreased their price target on shares of Xenon Pharmaceuticals from $78.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday. JPMorgan Chase & Co. lifted their price target on shares of Xenon Pharmaceuticals from $80.00 to $82.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a report on Monday, July 6th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $46.00 price objective (down from $90.00) on shares of Xenon Pharmaceuticals in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $70.93.

Xenon Pharmaceuticals Price Performance

NASDAQ XENE traded down $16.18 during trading hours on Friday, reaching $41.16. 4,645,530 shares of the stock traded hands, compared to its average volume of 1,226,577. The stock has a 50 day simple moving average of $62.70 and a two-hundred day simple moving average of $58.07. Xenon Pharmaceuticals has a 1 year low of $35.97 and a 1 year high of $72.66. The company has a market cap of $3.98 billion, a price-to-earnings ratio of -8.65 and a beta of 0.61.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.16) by $0.05. During the same period in the previous year, the firm earned ($1.07) earnings per share. On average, sell-side analysts forecast that Xenon Pharmaceuticals will post -4.73 EPS for the current fiscal year.

Insider Activity

In other news, insider Christopher Kenney sold 7,068 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $60.25, for a total transaction of $425,847.00. Following the completion of the sale, the insider directly owned 2 shares in the company, valued at approximately $120.50. This represents a 99.97% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Steven Gannon sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $64.06, for a total value of $640,600.00. Following the completion of the sale, the director directly owned 1,870 shares in the company, valued at $119,792.20. The trade was a 84.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 2.91% of the company’s stock.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of Xenon Pharmaceuticals during the second quarter valued at approximately $454,057,000. Jupiter Topco LLC purchased a new stake in Xenon Pharmaceuticals in the second quarter worth $252,673,000. Avoro Capital Advisors LLC lifted its stake in Xenon Pharmaceuticals by 0.5% in the fourth quarter. Avoro Capital Advisors LLC now owns 5,424,444 shares of the biopharmaceutical company’s stock worth $243,124,000 after acquiring an additional 24,444 shares during the period. Janus Henderson Group PLC boosted its holdings in Xenon Pharmaceuticals by 2.3% in the first quarter. Janus Henderson Group PLC now owns 4,175,982 shares of the biopharmaceutical company’s stock valued at $242,858,000 after acquiring an additional 91,948 shares in the last quarter. Finally, Capital International Investors boosted its holdings in Xenon Pharmaceuticals by 7.3% in the fourth quarter. Capital International Investors now owns 3,414,959 shares of the biopharmaceutical company’s stock valued at $153,058,000 after acquiring an additional 233,466 shares in the last quarter. Hedge funds and other institutional investors own 95.45% of the company’s stock.

Trending Headlines about Xenon Pharmaceuticals

Here are the key news stories impacting Xenon Pharmaceuticals this week:

• Positive Sentiment: Xenon submitted a New Drug Application to the FDA for azetukalner in focal seizures, a major regulatory milestone that could support the drug’s first potential commercial indication. Xenon NDA submission announcement
• Positive Sentiment: Despite reducing their valuation assumptions, Wedbush, Robert W. Baird, and Needham retained bullish ratings of “outperform” or “buy.” Their revised targets still indicate substantial potential upside from the current trading level: $55, $90, and $60, respectively. Analyst actions on Xenon Pharmaceuticals
• Neutral Sentiment: The FDA filing advances azetukalner’s focal-seizure program, while the company’s broader psychiatry strategy is being reassessed following reported adverse events involving mental and nervous-system symptoms. Xenon clinical program update transcript
• Negative Sentiment: Xenon temporarily halted new enrollment in depression and bipolar-disorder trials after adverse events were reported. The pause raises safety, timing, and commercial-viability risks for azetukalner’s psychiatric opportunity and prompted the sharp decline in XENE shares. Reuters report on Xenon trial pause
• Negative Sentiment: Analysts lowered their price targets substantially, signaling reduced confidence in the company’s near-term risk-reward profile even though their overall ratings remain positive. Xenon stock market update

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals Inc (NASDAQ:XENE) is a clinical-stage biopharmaceutical company focused on developing medicines for neurological and psychiatric disorders. The company uses its expertise in ion channels, which regulate the electrical activity of nerve cells, to discover and advance potential treatments for conditions with significant unmet medical needs.

Xenon’s leading investigational product is azetukalner (XEN1101), an oral, small-molecule potassium-channel opener being studied in epilepsy, including focal-onset seizures, and major depressive disorder.