Xenon Pharmaceuticals Target of Unusually Large Options Trading (NASDAQ:XENE)

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) was the recipient of some unusual options trading activity on Wednesday. Investors purchased 4,063 put options on the stock. This represents an increase of 2,362% compared to the typical daily volume of 165 put options.

Analyst Upgrades and Downgrades

XENE has been the topic of several recent research reports. Wells Fargo & Company restated an “overweight” rating and set a $44.00 price target (down previously from $48.00) on shares of Xenon Pharmaceuticals in a report on Tuesday, November 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 target price on shares of Xenon Pharmaceuticals in a research note on Tuesday, November 4th. William Blair restated an “outperform” rating on shares of Xenon Pharmaceuticals in a report on Tuesday, October 7th. Bloom Burton upgraded shares of Xenon Pharmaceuticals to a “strong-buy” rating in a report on Tuesday, October 7th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a research note on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Xenon Pharmaceuticals has an average rating of “Buy” and a consensus price target of $54.27.

Insider Activity at Xenon Pharmaceuticals

In related news, CEO Ian Mortimer sold 25,000 shares of Xenon Pharmaceuticals stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $40.16, for a total value of $1,004,000.00. Following the completion of the transaction, the chief executive officer owned 31,302 shares in the company, valued at approximately $1,257,088.32. This trade represents a 44.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders have sold 50,302 shares of company stock valued at $2,150,928. 4.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in XENE. Farther Finance Advisors LLC purchased a new stake in shares of Xenon Pharmaceuticals in the 2nd quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd bought a new position in Xenon Pharmaceuticals in the first quarter worth approximately $30,000. Elevation Point Wealth Partners LLC bought a new position in Xenon Pharmaceuticals in the second quarter worth approximately $32,000. Danske Bank A S purchased a new stake in Xenon Pharmaceuticals during the third quarter worth $32,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in Xenon Pharmaceuticals during the 3rd quarter valued at $39,000. 95.45% of the stock is currently owned by institutional investors.

Xenon Pharmaceuticals Stock Performance

Xenon Pharmaceuticals stock opened at $43.44 on Thursday. Xenon Pharmaceuticals has a fifty-two week low of $26.74 and a fifty-two week high of $46.60. The company has a market capitalization of $3.36 billion, a PE ratio of -11.17 and a beta of 1.03. The company has a 50 day moving average price of $41.50 and a 200-day moving average price of $36.74.

Xenon Pharmaceuticals (NASDAQ:XENE) last issued its earnings results on Monday, November 3rd. The biopharmaceutical company reported ($1.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.16) by $0.01. During the same period in the prior year, the business earned ($0.81) EPS. The company’s revenue was up .0% compared to the same quarter last year. On average, analysts forecast that Xenon Pharmaceuticals will post -3.1 earnings per share for the current year.

About Xenon Pharmaceuticals

Xenon Pharmaceuticals Inc, a neuroscience-focused biopharmaceutical company, engages in the development of therapeutics to treat patients with neurological disorders in Canada. Its clinical development pipeline includes XEN1101, a novel and potent Kv7 potassium channel opener, which is in Phase 3 clinical trials for the treatment of epilepsy and other neurological disorders.