Wedbush Cuts Xenon Pharmaceuticals (NASDAQ:XENE) Price Target to $55.00

Xenon Pharmaceuticals (NASDAQ:XENE) had its price objective reduced by Wedbush from $71.00 to $55.00 in a research report report published on Friday morning, Marketbeat reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

Several other research analysts also recently commented on XENE. JPMorgan Chase & Co. raised their price target on shares of Xenon Pharmaceuticals from $80.00 to $82.00 and gave the company an “overweight” rating in a report on Wednesday, May 27th. Wells Fargo & Company lowered their price objective on Xenon Pharmaceuticals from $69.00 to $64.00 and set an “overweight” rating on the stock in a research report on Friday. Robert W. Baird decreased their target price on Xenon Pharmaceuticals from $97.00 to $90.00 and set an “outperform” rating on the stock in a research note on Friday. Royal Bank Of Canada decreased their price target on shares of Xenon Pharmaceuticals from $82.00 to $81.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. Finally, Needham & Company LLC lowered their price objective on shares of Xenon Pharmaceuticals from $78.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $70.93.

Xenon Pharmaceuticals Stock Performance

Shares of Xenon Pharmaceuticals stock opened at $39.75 on Friday. Xenon Pharmaceuticals has a 12-month low of $35.97 and a 12-month high of $72.66. The company has a market cap of $3.84 billion, a price-to-earnings ratio of -8.39 and a beta of 0.61. The company’s 50-day moving average price is $62.12 and its 200-day moving average price is $58.05.

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

Insider Buying and Selling

In other news, Director Steven Gannon sold 10,000 shares of the business’s stock in a transaction that occurred 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 sale, the director directly owned 1,870 shares in the company, valued at approximately $119,792.20. The trade was a 84.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Christopher Kenney sold 7,068 shares of the business’s stock in a transaction 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 completion of the sale, the insider directly owned 2 shares of the company’s stock, valued at $120.50. This represents a 99.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 2.91% of the company’s stock.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. Squarepoint Ops LLC bought a new position in Xenon Pharmaceuticals during the 2nd quarter valued at approximately $6,813,000. BlackRock Inc. purchased a new stake in Xenon Pharmaceuticals in the 2nd quarter worth approximately $454,057,000. Siren L.L.C. grew its position in shares of Xenon Pharmaceuticals by 62.2% in the 1st quarter. Siren L.L.C. now owns 1,318,564 shares of the biopharmaceutical company’s stock worth $76,674,000 after buying an additional 505,803 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Xenon Pharmaceuticals by 2.3% during the first quarter. Bank of New York Mellon Corp now owns 396,138 shares of the biopharmaceutical company’s stock valued at $23,035,000 after buying an additional 8,980 shares during the period. Finally, Nicholas Investment Partners LP increased its stake in shares of Xenon Pharmaceuticals by 104.0% during the fourth quarter. Nicholas Investment Partners LP now owns 242,989 shares of the biopharmaceutical company’s stock valued at $10,891,000 after buying an additional 123,891 shares during the period. 95.45% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Xenon Pharmaceuticals

Here are the key news stories impacting Xenon Pharmaceuticals this week:

• Positive Sentiment: Xenon submitted an NDA for azetukalner in focal seizures, advancing the drug toward potential commercialization in an indication that analysts believe still supports the program’s core value. Xenon Announces Azetukalner NDA Submission to FDA for Focal Seizures
• Positive Sentiment: Despite lowering their estimates, RBC Capital Markets, Wedbush, Robert W. Baird and Needham retained positive ratings, indicating analysts continue to see meaningful value in the focal-seizure opportunity. Xenon Pharmaceuticals’ Azetukalner Retains Core Epilepsy Value
• Neutral Sentiment: Analysts cut price targets to ranges of $55 to $90, but maintained “outperform” or “buy” recommendations. The revisions reflect greater risk from the psychiatry program rather than a loss of confidence in the company’s epilepsy prospects.
• Negative Sentiment: Xenon voluntarily paused new enrollment in major depression and bipolar depression studies after reports of mental- and nervous-system-related adverse events. The company said the events were consistent with azetukalner’s known safety profile, but they had not been observed in the earlier Phase 2 X-NOVA depression trial, raising uncertainty about the drug’s broader psychiatric potential. Xenon Pauses Depression and Bipolar Trial Enrollment
• Negative Sentiment: The enrollment pause increases regulatory, timeline and commercial risks for a key expansion opportunity and triggered unusually heavy trading as investors reassessed azetukalner’s risk-benefit profile. Xenon Pharmaceuticals Falls After Depression Trial Enrollment Pause

Xenon Pharmaceuticals Company Profile

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.