Xenon Pharmaceuticals (NASDAQ:XENE) Share Price Breaks Above 50-Day Moving Average – What’s Next?

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $41.91 and traded as high as $42.17. Xenon Pharmaceuticals shares last traded at $42.10, with a volume of 1,253,476 shares changing hands.

Wall Street Analysts Forecast Growth

XENE has been the subject of a number of recent research reports. Jefferies Financial Group reissued a “buy” rating and issued a $90.00 target price on shares of Xenon Pharmaceuticals in a report on Monday, September 28th. Guggenheim started coverage on shares of Xenon Pharmaceuticals in a research note on Tuesday, October 6th. They set a “buy” rating and a $73.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a research report on Friday, October 2nd. Wedbush lowered their price objective on shares of Xenon Pharmaceuticals from $71.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, September 18th. Finally, Robert W. Baird dropped their price objective on shares of Xenon Pharmaceuticals from $97.00 to $90.00 and set an “outperform” rating for the company in a research note on Friday, September 18th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $71.31.

Xenon Pharmaceuticals Trading Up 1.7%

The company has a 50-day moving average price of $41.91 and a two-hundred day moving average price of $52.14. The stock has a market cap of $4.07 billion, a P/E ratio of -8.96 and a beta of 0.11.

Xenon Pharmaceuticals (NASDAQ:XENE) last issued its quarterly earnings results on Monday, November 9th. The biopharmaceutical company reported ($1.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.02. As a group, equities analysts forecast that Xenon Pharmaceuticals Inc. will post -4.66 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Ian Mortimer bought 30,000 shares of Xenon Pharmaceuticals stock in a transaction dated Wednesday, September 30th. The shares were acquired at an average price of $37.38 per share, with a total value of $1,121,400.00. Following the completion of the purchase, the chief executive officer owned 49,923 shares in the company, valued at $1,866,121.74. The trade was a 150.58% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Thomas Patrick Kelly bought 15,000 shares of the stock in a transaction dated Wednesday, September 30th. The stock was purchased at an average price of $37.32 per share, with a total value of $559,800.00. Following the acquisition, the chief financial officer directly owned 15,000 shares in the company, valued at approximately $559,800. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.91% of the company’s stock.

Institutional Trading of Xenon Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in XENE. BlackRock Inc. bought a new stake in Xenon Pharmaceuticals in the second quarter worth about $454,057,000. Jupiter Topco LLC purchased a new position in shares of Xenon Pharmaceuticals during the second quarter valued at approximately $252,673,000. Janus Henderson Group PLC grew its stake in shares of Xenon Pharmaceuticals by 2.3% during 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 buying an additional 91,948 shares during the last quarter. Affinity Asset Advisors LLC grew its stake in shares of Xenon Pharmaceuticals by 34.0% during the first quarter. Affinity Asset Advisors LLC now owns 1,675,000 shares of the biopharmaceutical company’s stock valued at $97,401,000 after buying an additional 425,000 shares during the last quarter. Finally, Jennison Associates LLC grew its stake in shares of Xenon Pharmaceuticals by 2.1% during the first quarter. Jennison Associates LLC now owns 1,318,814 shares of the biopharmaceutical company’s stock valued at $76,689,000 after buying an additional 26,759 shares during the last quarter. 95.45% of the stock is owned by hedge funds and other institutional investors.

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing medicines for neurological disorders. The company’s research emphasizes ion channels, proteins that help regulate the electrical activity of nerve cells. Its lead program is azetukalner, formerly known as XEN1101, an oral Kv7 potassium-channel opener being developed for seizure disorders, including focal epilepsy. Xenon is also advancing other drug candidates aimed at neurological conditions. Founded in 1996, Xenon is headquartered in Burnaby, British Columbia, and conducts drug development activities in North America.