Brokerages Set Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Price Target at $77.13

Shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE) have been assigned an average recommendation of “Buy” from the seventeen ratings firms that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, fourteen have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $77.1333.

Several research firms recently issued reports on XENE. JPMorgan Chase & Co. lifted their price target on shares of Xenon Pharmaceuticals from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Wednesday, May 27th. Wall Street Zen raised shares of Xenon Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 1st. HC Wainwright reiterated a “buy” rating and set a $74.00 price objective on shares of Xenon Pharmaceuticals in a report on Monday, August 10th. 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 report on Friday, August 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a report on Monday, July 6th.

Xenon Pharmaceuticals Price Performance

Shares of XENE opened at $58.19 on Tuesday. Xenon Pharmaceuticals has a one year low of $35.60 and a one year high of $72.66. The company has a market cap of $5.63 billion, a PE ratio of -12.28 and a beta of 0.61. The stock has a 50-day moving average of $63.38 and a 200-day moving average of $57.80.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.16) by $0.05. During the same period in the prior year, the business posted ($1.07) earnings per share. Analysts expect that Xenon Pharmaceuticals will post -4.73 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Christopher Kenney sold 7,068 shares of Xenon Pharmaceuticals stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $60.25, for a total transaction of $425,847.00. Following the transaction, the insider owned 2 shares of the company’s stock, valued at $120.50. The trade was 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 link. 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 company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $64.06, for a total value of $640,600.00. Following the sale, the director owned 1,870 shares of the company’s stock, valued at $119,792.20. This trade represents a 84.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 2.91% of the company’s stock.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Several large investors have recently bought and sold shares of the stock. Corient Private Wealth LP lifted its stake in shares of Xenon Pharmaceuticals by 1.5% during the 2nd quarter. Corient Private Wealth LP now owns 28,732 shares of the biopharmaceutical company’s stock valued at $1,734,000 after buying an additional 430 shares in the last quarter. Arizona State Retirement System grew its stake 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 valued at $1,351,000 after buying an additional 513 shares in the last quarter. Royal Bank of Canada raised its holdings in Xenon Pharmaceuticals by 0.7% during the 1st quarter. Royal Bank of Canada now owns 90,387 shares of the biopharmaceutical company’s stock valued at $5,255,000 after acquiring an additional 630 shares during the period. PNC Financial Services Group Inc. raised its holdings in Xenon Pharmaceuticals by 11.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,574 shares of the biopharmaceutical company’s stock valued at $295,000 after acquiring an additional 675 shares during the period. Finally, Clearstead Advisors LLC lifted its position in shares of Xenon Pharmaceuticals by 214.8% during the fourth quarter. Clearstead Advisors LLC now owns 1,215 shares of the biopharmaceutical company’s stock worth $54,000 after acquiring an additional 829 shares in the last quarter. 95.45% of the stock is currently owned by institutional investors.

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.