Xenon Pharmaceuticals (NASDAQ:XENE) Trading 6% Higher

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) shares were up 6% during mid-day trading on Tuesday . The stock traded as high as $39.44 and last traded at $39.42. Approximately 128,257 shares traded hands during trading, a decline of 68% from the average daily volume of 397,243 shares. The stock had previously closed at $37.19.

Analysts Set New Price Targets

XENE has been the subject of several research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $55.00 target price on shares of Xenon Pharmaceuticals in a research report on Tuesday, June 18th. Wedbush reduced their price target on shares of Xenon Pharmaceuticals from $51.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, May 10th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $65.00 target price on shares of Xenon Pharmaceuticals in a report on Wednesday, April 10th. Citigroup decreased their price objective on shares of Xenon Pharmaceuticals from $62.00 to $60.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $62.00 target price on shares of Xenon Pharmaceuticals in a research note on Friday, May 10th. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $59.11.

Xenon Pharmaceuticals Trading Up 4.1 %

The firm’s 50-day moving average price is $38.78 and its 200-day moving average price is $42.73. The stock has a market capitalization of $3.11 billion, a PE ratio of -15.20 and a beta of 1.26.

Xenon Pharmaceuticals (NASDAQ:XENE) last issued its quarterly earnings data on Thursday, May 9th. The biopharmaceutical company reported ($0.62) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.07. The company had revenue of $1.00 million for the quarter. Xenon Pharmaceuticals’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.63) EPS. On average, equities research analysts predict that Xenon Pharmaceuticals Inc. will post -2.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Avoro Capital Advisors LLC grew its holdings in Xenon Pharmaceuticals by 15.6% during the 4th quarter. Avoro Capital Advisors LLC now owns 5,666,666 shares of the biopharmaceutical company’s stock valued at $261,007,000 after purchasing an additional 766,666 shares during the last quarter. Wellington Management Group LLP grew its position in Xenon Pharmaceuticals by 140.9% in the 4th quarter. Wellington Management Group LLP now owns 4,162,654 shares of the biopharmaceutical company’s stock valued at $191,732,000 after acquiring an additional 2,434,546 shares during the last quarter. Capital World Investors increased its stake in Xenon Pharmaceuticals by 17.9% in the fourth quarter. Capital World Investors now owns 2,681,537 shares of the biopharmaceutical company’s stock worth $123,512,000 after purchasing an additional 406,563 shares during the period. Capital International Investors lifted its position in shares of Xenon Pharmaceuticals by 0.8% during the first quarter. Capital International Investors now owns 2,475,859 shares of the biopharmaceutical company’s stock worth $106,586,000 after purchasing an additional 20,176 shares during the last quarter. Finally, Commodore Capital LP boosted its stake in shares of Xenon Pharmaceuticals by 17.5% during the fourth quarter. Commodore Capital LP now owns 2,167,793 shares of the biopharmaceutical company’s stock valued at $99,849,000 after purchasing an additional 322,793 shares during the period. Institutional investors own 95.45% of the company’s stock.

About Xenon Pharmaceuticals

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.