Palo Alto Investors LP Makes New $3.10 Million Investment in Xenon Pharmaceuticals Inc. $XENE

Palo Alto Investors LP purchased a new stake in Xenon Pharmaceuticals Inc. (NASDAQ:XENE) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 51,345 shares of the biopharmaceutical company’s stock, valued at approximately $3,099,184. Palo Alto Investors LP owned approximately 0.05% of Xenon Pharmaceuticals at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Goldman Sachs Group Inc. raised its stake in Xenon Pharmaceuticals by 7.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 442,732 shares of the biopharmaceutical company’s stock valued at $14,854,000 after purchasing an additional 32,486 shares during the period. Jump Financial LLC purchased a new position in Xenon Pharmaceuticals during the 2nd quarter worth $532,000. Sei Investments Co. purchased a new stake in Xenon Pharmaceuticals in the 2nd quarter valued at approximately $711,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Xenon Pharmaceuticals during the 2nd quarter valued at about $816,000. Finally, Alliancebernstein L.P. lifted its stake in Xenon Pharmaceuticals by 14.2% in the second quarter. Alliancebernstein L.P. now owns 1,518,527 shares of the biopharmaceutical company’s stock valued at $47,530,000 after buying an additional 189,141 shares during the last quarter. Hedge funds and other institutional investors own 95.45% of the company’s stock.

Xenon Pharmaceuticals Trading Down 3.1%

XENE stock traded down $1.94 during trading on Friday, hitting $59.99. The company had a trading volume of 587,903 shares, compared to its average volume of 1,252,822. Xenon Pharmaceuticals Inc. has a one year low of $35.60 and a one year high of $72.66. The business has a 50-day moving average of $63.04 and a 200-day moving average of $56.36. The stock has a market cap of $5.80 billion, a PE ratio of -12.66 and a beta of 0.62.

Xenon Pharmaceuticals (NASDAQ:XENE) last released 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 quarter in the prior year, the company earned ($1.07) earnings per share. Research analysts forecast that Xenon Pharmaceuticals Inc. will post -4.73 EPS for the current year.

Insider Buying and Selling at Xenon Pharmaceuticals

In other news, 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 sale, the director owned 1,870 shares of the company’s stock, valued at $119,792.20. This represents a 84.25% 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. Also, Director Gillian Cannon sold 1,190 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $53.14, for a total transaction of $63,236.60. Following the completion of the sale, the director owned 1,455 shares of the company’s stock, valued at approximately $77,318.70. The trade was a 44.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 12,512 shares of company stock valued at $774,088 over the last quarter. Corporate insiders own 2.91% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on XENE shares. JPMorgan Chase & Co. lifted their price objective on Xenon Pharmaceuticals from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Wednesday, May 27th. Needham & Company LLC dropped their price target on Xenon Pharmaceuticals from $80.00 to $78.00 and set a “buy” rating on the stock in a research report on Friday, May 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a research report on Monday, July 6th. Royal Bank Of Canada decreased their target price on shares of Xenon Pharmaceuticals from $82.00 to $81.00 and set an “outperform” rating for the company in a research note on Friday, August 7th. Finally, HC Wainwright reissued a “buy” rating and set a $74.00 price objective on shares of Xenon Pharmaceuticals in a report on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Xenon Pharmaceuticals currently has an average rating of “Buy” and an average target price of $77.13.

Xenon Pharmaceuticals Profile

Xenon Pharmaceuticals Inc is a clinical?stage biopharmaceutical company dedicated to discovering and developing novel, small?molecule drugs targeting ion channels in the central and peripheral nervous system. The company’s research focus centers on neurological and pain disorders—including epilepsy, migraine, and neuropathic pain—by modulating key ion?channel proteins to restore normal neuronal function. Xenon’s scientific platform draws upon advances in ion?channel biology and structure?based drug design to identify and optimize therapeutic candidates with the potential for improved safety and efficacy profiles compared with existing treatments.

The company’s pipeline comprises multiple preclinical and clinical programs.