Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Stock Has Average Price Target of $70.27

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) has been given an average recommendation of “Moderate Buy” by the fifteen analysts that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, twelve have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $70.14.

Several research firms have issued reports on XENE. Weiss Ratings reiterated a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a research note on Friday, October 2nd. Wedbush reduced 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 note on Friday, September 18th. Guggenheim began coverage on shares of Xenon Pharmaceuticals in a report on Tuesday. They issued a “buy” rating and a $73.00 price target on the stock. Needham & Company LLC reduced their price target on Xenon Pharmaceuticals from $78.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, September 18th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $90.00 target price on shares of Xenon Pharmaceuticals in a research report on Monday, September 28th.

Insider Activity at Xenon Pharmaceuticals

In other Xenon Pharmaceuticals news, Director Steven Gannon sold 10,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The shares were 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 approximately $119,792.20. This trade represents a 84.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Ian Mortimer acquired 30,000 shares of the company’s stock in a transaction dated Wednesday, September 30th. The shares were bought 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 of the company’s stock, valued at approximately $1,866,121.74. The trade was a 150.58% increase in their ownership of the stock. 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

Several institutional investors and hedge funds have recently bought and sold shares of XENE. Tidal Investments LLC lifted its position in Xenon Pharmaceuticals by 33.1% during the second 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 raised its stake in shares of 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 buying an additional 52,857 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Xenon Pharmaceuticals in the second quarter worth about $6,813,000. Arizona State Retirement System boosted its position in Xenon Pharmaceuticals by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 22,382 shares of the biopharmaceutical company’s stock worth $1,351,000 after purchasing an additional 513 shares in the last quarter. Finally, Nykredit A S acquired a new stake in shares of Xenon Pharmaceuticals during the 2nd quarter worth approximately $67,000. 95.45% of the stock is currently owned by institutional investors and hedge funds.

Xenon Pharmaceuticals Price Performance

NASDAQ:XENE opened at $36.41 on Friday. Xenon Pharmaceuticals has a 1-year low of $35.75 and a 1-year high of $72.66. The firm has a market cap of $3.52 billion, a PE ratio of -7.68 and a beta of 0.60. The company has a 50-day moving average of $54.65 and a 200 day moving average of $56.65.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.11) earnings per share for the quarter, topping the consensus estimate of ($1.16) by $0.05. During the same quarter in the previous year, the firm posted ($1.07) earnings per share. Sell-side analysts anticipate that Xenon Pharmaceuticals will post -4.7 EPS for the current fiscal year.

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.