Xenon Pharmaceuticals (NASDAQ:XENE) Hits New 12-Month Low – Here’s Why

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) hit a new 52-week low during mid-day trading on Tuesday. The company traded as low as $35.00 and last traded at $35.13, with a volume of 285,565 shares traded. The stock had previously closed at $35.81.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on XENE. Needham & Company LLC cut their price target on Xenon Pharmaceuticals from $78.00 to $60.00 and set a “buy” rating on the stock in a report on Friday, September 18th. Wall Street Zen downgraded Xenon Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Sunday. HC Wainwright reiterated a “buy” rating on shares of Xenon Pharmaceuticals in a research note on Friday, September 18th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $90.00 target price on shares of Xenon Pharmaceuticals in a report on Monday, September 28th. Finally, Weiss Ratings restated 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 issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $70.14.

Xenon Pharmaceuticals Trading Down 2.8%

The firm has a market cap of $3.37 billion, a PE ratio of -7.34 and a beta of 0.60. The business has a fifty day moving average of $53.04 and a 200-day moving average of $56.27.

Xenon Pharmaceuticals (NASDAQ:XENE) last released 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 prior year, the business earned ($1.07) earnings per share. On average, equities analysts forecast that Xenon Pharmaceuticals Inc. will post -4.70 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Thomas Patrick Kelly bought 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 30th. The stock was bought at an average cost of $37.32 per share, for a total transaction of $559,800.00. Following the completion of the transaction, the chief financial officer owned 15,000 shares of the company’s stock, valued at approximately $559,800. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven Gannon sold 10,000 shares of the company’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 transaction, the director owned 1,870 shares of the company’s stock, 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. 2.91% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Xenon Pharmaceuticals

A number of institutional investors have recently made changes to their positions in the business. Wedmont Private Capital bought a new position in shares of Xenon Pharmaceuticals during the third quarter valued at about $408,000. GAMMA Investing LLC grew its stake in shares of Xenon Pharmaceuticals by 60.2% in the third quarter. GAMMA Investing LLC now owns 830 shares of the biopharmaceutical company’s stock worth $31,000 after purchasing an additional 312 shares during the last quarter. Tidal Investments LLC increased its holdings in Xenon Pharmaceuticals by 33.1% during 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 period. Engineers Gate Manager LP increased its holdings in Xenon Pharmaceuticals by 566.8% during the 2nd 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. Finally, Squarepoint Ops LLC bought a new position in Xenon Pharmaceuticals during the 2nd quarter valued at approximately $6,813,000. Hedge funds and other institutional investors own 95.45% of the company’s stock.

About Xenon Pharmaceuticals

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.