Needham & Company LLC Cuts Xenon Pharmaceuticals (NASDAQ:XENE) Price Target to $60.00

Xenon Pharmaceuticals (NASDAQ:XENE) had its price target decreased by Needham & Company LLC from $78.00 to $60.00 in a report released on Friday, MarketBeat Ratings reports. Needham & Company LLC currently has a buy rating on the biopharmaceutical company’s stock.

A number of other analysts have also recently commented on the stock. JPMorgan Chase & Co. lifted their target price 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. Royal Bank Of Canada cut their price target on shares of Xenon Pharmaceuticals from $82.00 to $81.00 and set an “outperform” rating on the stock in a research note on Friday, August 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a report on Monday, July 6th. Wall Street Zen raised shares of Xenon Pharmaceuticals from a “strong sell” rating to a “sell” rating in a report on Saturday, August 1st. Finally, HC Wainwright reiterated a “buy” rating and set a $74.00 price objective on shares of Xenon Pharmaceuticals in a research note on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $70.93.

Xenon Pharmaceuticals Price Performance

XENE opened at $39.75 on Friday. The business’s 50-day moving average is $62.12 and its two-hundred day moving average is $58.05. Xenon Pharmaceuticals has a 1 year low of $35.97 and a 1 year high of $72.66. The firm has a market capitalization of $3.84 billion, a PE ratio of -8.39 and a beta of 0.61.

Xenon Pharmaceuticals (NASDAQ:XENE) last issued its quarterly earnings results 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 last year, the company earned ($1.07) EPS. As a group, sell-side analysts expect that Xenon Pharmaceuticals will post -4.7 EPS for the current year.

Insider Activity

In related news, insider Christopher Kenney sold 7,068 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $60.25, for a total value of $425,847.00. Following the sale, the insider owned 2 shares in the company, valued at $120.50. This represents a 99.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $64.06, for a total transaction of $640,600.00. Following the completion of the transaction, the director owned 1,870 shares in the company, valued at approximately $119,792.20. This trade represents a 84.25% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 2.91% of the company’s stock.

Institutional Trading of Xenon Pharmaceuticals

Several large investors have recently made changes to their positions in XENE. Tidal Investments LLC increased its stake in shares of Xenon Pharmaceuticals by 33.1% in the second quarter. Tidal Investments LLC now owns 8,283 shares of the biopharmaceutical company’s stock worth $500,000 after acquiring an additional 2,058 shares during the period. Engineers Gate Manager LP raised its holdings in shares of Xenon Pharmaceuticals by 566.8% during the second quarter. Engineers Gate Manager LP now owns 62,183 shares of the biopharmaceutical company’s stock worth $3,753,000 after purchasing an additional 52,857 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Xenon Pharmaceuticals during the second quarter valued at $6,813,000. Arizona State Retirement System lifted its position in Xenon Pharmaceuticals by 2.3% during 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. Finally, Nykredit A S purchased a new stake in Xenon Pharmaceuticals in the second quarter valued at $67,000. 95.45% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Xenon Pharmaceuticals

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

• Positive Sentiment: Xenon submitted an NDA for azetukalner in focal seizures, advancing the drug toward potential commercialization in an indication that analysts believe still supports the program’s core value. Xenon Announces Azetukalner NDA Submission to FDA for Focal Seizures
• Positive Sentiment: Despite lowering their estimates, RBC Capital Markets, Wedbush, Robert W. Baird and Needham retained positive ratings, indicating analysts continue to see meaningful value in the focal-seizure opportunity. Xenon Pharmaceuticals’ Azetukalner Retains Core Epilepsy Value
• Neutral Sentiment: Analysts cut price targets to ranges of $55 to $90, but maintained “outperform” or “buy” recommendations. The revisions reflect greater risk from the psychiatry program rather than a loss of confidence in the company’s epilepsy prospects.
• Negative Sentiment: Xenon voluntarily paused new enrollment in major depression and bipolar depression studies after reports of mental- and nervous-system-related adverse events. The company said the events were consistent with azetukalner’s known safety profile, but they had not been observed in the earlier Phase 2 X-NOVA depression trial, raising uncertainty about the drug’s broader psychiatric potential. Xenon Pauses Depression and Bipolar Trial Enrollment
• Negative Sentiment: The enrollment pause increases regulatory, timeline and commercial risks for a key expansion opportunity and triggered unusually heavy trading as investors reassessed azetukalner’s risk-benefit profile. Xenon Pharmaceuticals Falls After Depression Trial Enrollment Pause

About Xenon Pharmaceuticals

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.