Xenon Pharmaceuticals (NASDAQ:XENE) Shares Gap Down Following Analyst Downgrade

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) shares gapped down prior to trading on Friday after Wedbush lowered their price target on the stock from $51.00 to $50.00. The stock had previously closed at $42.49, but opened at $40.76. Wedbush currently has an outperform rating on the stock. Xenon Pharmaceuticals shares last traded at $42.48, with a volume of 70,726 shares trading hands.

Several other brokerages have also recently commented on XENE. Cantor Fitzgerald reiterated an “overweight” rating and set a $65.00 price target on shares of Xenon Pharmaceuticals in a research report on Wednesday, April 10th. Needham & Company LLC reiterated a “buy” rating and set a $62.00 price target on shares of Xenon Pharmaceuticals in a research report on Friday, April 12th. Finally, Royal Bank of Canada lowered their price target on shares of Xenon Pharmaceuticals from $56.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, March 1st. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.33.

Insider Transactions at Xenon Pharmaceuticals

In related news, EVP Sherrington Robin sold 7,137 shares of Xenon Pharmaceuticals stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $46.28, for a total value of $330,300.36. Following the completion of the sale, the executive vice president now owns 8,398 shares of the company’s stock, valued at approximately $388,659.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Steven Gannon sold 13,000 shares of Xenon Pharmaceuticals stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $46.28, for a total value of $601,640.00. Following the completion of the sale, the director now owns 2,000 shares of the company’s stock, valued at approximately $92,560. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Sherrington Robin sold 7,137 shares of Xenon Pharmaceuticals stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $46.28, for a total value of $330,300.36. Following the completion of the sale, the executive vice president now directly owns 8,398 shares of the company’s stock, valued at approximately $388,659.44. The disclosure for this sale can be found here. Insiders own 5.43% of the company’s stock.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its stake in Xenon Pharmaceuticals by 414.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,014 shares of the biopharmaceutical company’s stock valued at $47,000 after acquiring an additional 817 shares in the last quarter. Parallel Advisors LLC grew its stake in Xenon Pharmaceuticals by 51.2% during the fourth quarter. Parallel Advisors LLC now owns 1,125 shares of the biopharmaceutical company’s stock valued at $52,000 after acquiring an additional 381 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its stake in Xenon Pharmaceuticals by 98.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,651 shares of the biopharmaceutical company’s stock valued at $56,000 after acquiring an additional 818 shares in the last quarter. PNC Financial Services Group Inc. purchased a new position in Xenon Pharmaceuticals during the fourth quarter valued at approximately $91,000. Finally, 17 Capital Partners LLC purchased a new position in Xenon Pharmaceuticals during the first quarter valued at approximately $122,000. Hedge funds and other institutional investors own 95.45% of the company’s stock.

Xenon Pharmaceuticals Stock Performance

The firm has a market cap of $3.14 billion, a PE ratio of -15.62 and a beta of 1.19. The stock’s 50 day simple moving average is $42.87 and its 200 day simple moving average is $41.52.

Xenon Pharmaceuticals (NASDAQ:XENE) last released its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.62) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.07. The company had revenue of $1.00 million during the quarter. During the same period in the previous year, the company posted ($0.63) earnings per share. Xenon Pharmaceuticals’s quarterly revenue was up .0% on a year-over-year basis. As a group, analysts anticipate that Xenon Pharmaceuticals Inc. will post -3.04 earnings per share for the current year.

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals Inc, a clinical-stage biopharmaceutical company, engages in developing therapeutics to treat patients with neurological disorders in Canada. Its clinical development pipeline includes XEN496, a Kv7 potassium channel opener that is Phase III clinical trials for the treatment of KCNQ2 developmental and epileptic encephalopathy; and XEN1101, a Kv7 potassium channel opener, which is in Phase II clinical trial for the treatment of epilepsy and other neurological disorders.