Xenon Pharmaceuticals (NASDAQ:XENE) Stock Rated “Buy” in New Coverage at Guggenheim

Guggenheim began coverage on shares of Xenon Pharmaceuticals (NASDAQ:XENE) in a research report released on Tuesday morning, MarketBeat reports. The brokerage issued a buy rating and a $73.00 price objective on the biopharmaceutical company’s stock.

Other equities analysts have also issued research reports about the company. HC Wainwright reissued a “buy” rating on shares of Xenon Pharmaceuticals in a report on Friday, September 18th. Needham & Company LLC decreased their price target on Xenon Pharmaceuticals from $78.00 to $60.00 and set a “buy” rating for the company in a report on Friday, September 18th. Wells Fargo & Company lowered their price objective on Xenon Pharmaceuticals from $69.00 to $64.00 and set an “overweight” rating for the company in a research report on Friday, September 18th. Robert W. Baird dropped their price objective on Xenon Pharmaceuticals from $97.00 to $90.00 and set an “outperform” rating on the stock in a report on Friday, September 18th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a report on Friday, October 2nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $70.14.

Xenon Pharmaceuticals Stock Down 0.7%

Shares of Xenon Pharmaceuticals stock opened at $36.16 on Tuesday. Xenon Pharmaceuticals has a 52-week low of $35.06 and a 52-week high of $72.66. The company has a 50 day moving average of $54.09 and a 200 day moving average of $56.52. The company has a market capitalization of $3.50 billion, a P/E ratio of -7.63 and a beta of 0.60.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.11) EPS for the quarter, beating analysts’ consensus estimates of ($1.16) by $0.05. During the same quarter in the previous year, the company earned ($1.07) earnings per share. As a group, research analysts anticipate that Xenon Pharmaceuticals will post -4.7 earnings per share for the current fiscal year.

Insider Transactions at Xenon Pharmaceuticals

In other news, insider Christopher Kenney sold 7,068 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $60.25, for a total transaction of $425,847.00. Following the transaction, the insider directly owned 2 shares in the company, valued at approximately $120.50. This trade represents a 99.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ian Mortimer bought 30,000 shares of the business’s stock in a transaction dated Wednesday, September 30th. The stock was acquired at an average cost of $37.38 per share, for a total transaction of $1,121,400.00. Following the completion of the acquisition, the chief executive officer directly owned 49,923 shares in the company, valued at approximately $1,866,121.74. This trade represents a 150.58% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 2.91% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC raised its stake in Xenon Pharmaceuticals by 60.2% during the 3rd quarter. GAMMA Investing LLC now owns 830 shares of the biopharmaceutical company’s stock valued at $31,000 after acquiring an additional 312 shares during the last quarter. Tidal Investments LLC grew its stake in shares of Xenon Pharmaceuticals by 33.1% in the 2nd quarter. Tidal Investments LLC now owns 8,283 shares of the biopharmaceutical company’s stock valued at $500,000 after purchasing an additional 2,058 shares during the last quarter. Engineers Gate Manager LP increased its holdings in shares of Xenon Pharmaceuticals by 566.8% in the second quarter. Engineers Gate Manager LP now owns 62,183 shares of the biopharmaceutical company’s stock valued at $3,753,000 after purchasing an additional 52,857 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Xenon Pharmaceuticals in the second quarter valued at approximately $6,813,000. Finally, Arizona State Retirement System increased its holdings in shares of Xenon Pharmaceuticals by 2.3% in the second quarter. Arizona State Retirement System now owns 22,382 shares of the biopharmaceutical company’s stock valued at $1,351,000 after purchasing an additional 513 shares during the period. 95.45% of the stock is owned by hedge funds and other institutional investors.

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals Inc is a clinical-stage biopharmaceutical company focused on developing medicines for neurological and psychiatric disorders. The company uses research in ion channels and neuronal signaling to identify potential treatments for conditions with significant unmet medical needs.

Xenon’s lead investigational medicine is azetukalner, also known as XEN1101, a selective potassium channel opener being evaluated for epilepsy and major depressive disorder. The company is also advancing additional programs aimed at genetically defined epilepsies and other disorders of the central nervous system.