Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Stock Has Average Price Target of $70.14 According to Brokerages

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) has been given an average recommendation of “Moderate Buy” by the fifteen ratings firms that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, twelve have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $70.14.

Several equities research analysts recently weighed in on the stock. Needham & Company LLC cut their target price on shares of Xenon Pharmaceuticals from $78.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, September 18th. HC Wainwright reissued a “buy” rating on shares of Xenon Pharmaceuticals in a report on Friday, September 18th. Deutsche Bank Aktiengesellschaft cut Xenon Pharmaceuticals from a “buy” rating to a “hold” rating and decreased their target price for the company from $90.00 to $46.00 in a research report on Friday, September 18th. Guggenheim started coverage on Xenon Pharmaceuticals in a report on Tuesday, October 6th. They set a “buy” rating and a $73.00 price target on the stock. Finally, Robert W. Baird reduced their price objective on Xenon Pharmaceuticals from $97.00 to $90.00 and set an “outperform” rating for the company in a research note on Friday, September 18th.

Xenon Pharmaceuticals Stock Down 0.3%

NASDAQ XENE opened at $37.41 on Wednesday. The firm’s 50-day moving average is $45.35 and its two-hundred day moving average is $52.21. Xenon Pharmaceuticals has a 12 month low of $33.38 and a 12 month high of $72.66.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.16) by $0.05. During the same quarter last year, the firm earned ($1.07) EPS. On average, equities analysts anticipate that Xenon Pharmaceuticals will post -4.66 EPS for the current year.

Insider Buying and Selling

In other Xenon Pharmaceuticals news, CFO Thomas Patrick Kelly bought 15,000 shares of the company’s stock in a transaction on Wednesday, September 30th. The shares were bought at an average price of $37.32 per share, for a total transaction of $559,800.00. Following the transaction, the chief financial officer owned 15,000 shares of the company’s stock, valued at approximately $559,800. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Ian Mortimer acquired 30,000 shares of the business’s stock in a transaction on Wednesday, September 30th. The stock was acquired at an average price of $37.38 per share, with a total value of $1,121,400.00. Following the transaction, the chief executive officer directly owned 49,923 shares of the company’s stock, valued at $1,866,121.74. This represents a 150.58% increase in their position. The disclosure for this purchase is available in the SEC filing. 2.91% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Xenon Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of XENE. Squarepoint Ops LLC purchased a new stake in Xenon Pharmaceuticals during the second quarter worth $6,813,000. BlackRock Inc. acquired a new position in shares of Xenon Pharmaceuticals during the 2nd quarter worth approximately $454,057,000. Siren L.L.C. raised its position in shares of Xenon Pharmaceuticals by 62.2% during the 1st quarter. Siren L.L.C. now owns 1,318,564 shares of the biopharmaceutical company’s stock worth $76,674,000 after purchasing an additional 505,803 shares during the last quarter. Engineers Gate Manager LP raised its position in shares of Xenon Pharmaceuticals by 566.8% during the 2nd quarter. Engineers Gate Manager LP now owns 62,183 shares of the biopharmaceutical company’s stock worth $3,753,000 after purchasing an additional 52,857 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Xenon Pharmaceuticals by 2.3% in the 1st 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 in the last quarter. 95.45% of the stock is currently owned by institutional investors and hedge funds.

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals Inc is a clinical-stage biopharmaceutical company focused on discovering and developing medicines for neurological and psychiatric disorders. The company uses expertise in human genetics and ion-channel biology to identify potential treatments for diseases with significant unmet medical needs, particularly epilepsy and other disorders of the nervous system.

Xenon’s lead investigational product is azetukalner, also known as XEN1101, a selective potassium-channel opener being evaluated for epilepsy and other potential neurological and psychiatric applications.