Xenon Pharmaceuticals (NASDAQ:XENE) Trading Down 3.1% – Here’s What Happened

Xenon Pharmaceuticals Inc. (NASDAQ:XENE)’s stock price fell 3.1% during mid-day trading on Thursday . The company traded as low as $37.90 and last traded at $38.12. 18,162 shares traded hands during trading, a decline of 95% from the average session volume of 386,408 shares. The stock had previously closed at $39.35.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Raymond James reiterated an “outperform” rating and issued a $50.00 price objective on shares of Xenon Pharmaceuticals in a report on Thursday, October 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Xenon Pharmaceuticals in a research note on Wednesday, November 13th. Royal Bank of Canada reissued an “outperform” rating and set a $55.00 price objective on shares of Xenon Pharmaceuticals in a research report on Tuesday, September 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $53.00 target price on shares of Xenon Pharmaceuticals in a research report on Thursday, December 12th. Finally, William Blair upgraded shares of Xenon Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $56.33.

Xenon Pharmaceuticals Trading Down 2.4 %

The stock’s fifty day moving average price is $41.93 and its 200 day moving average price is $40.47. The stock has a market cap of $2.93 billion, a P/E ratio of -13.62 and a beta of 1.19.

Xenon Pharmaceuticals (NASDAQ:XENE) last issued its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.81) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.01. During the same quarter in the previous year, the firm earned ($0.73) EPS. As a group, sell-side analysts forecast that Xenon Pharmaceuticals Inc. will post -3.1 earnings per share for the current year.

Insider Transactions at Xenon Pharmaceuticals

In other news, Director Gary Patou sold 4,891 shares of Xenon Pharmaceuticals stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $41.08, for a total value of $200,922.28. Following the completion of the transaction, the director now owns 23,573 shares of the company’s stock, valued at $968,378.84. The trade was a 17.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.52% of the company’s stock.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Hedge funds have recently bought and sold shares of the company. Loomis Sayles & Co. L P lifted its stake in shares of Xenon Pharmaceuticals by 7.1% in the third quarter. Loomis Sayles & Co. L P now owns 707,222 shares of the biopharmaceutical company’s stock worth $27,843,000 after buying an additional 46,964 shares in the last quarter. Vestal Point Capital LP raised its holdings in Xenon Pharmaceuticals by 57.1% in the 3rd quarter. Vestal Point Capital LP now owns 825,000 shares of the biopharmaceutical company’s stock worth $32,480,000 after acquiring an additional 300,000 shares during the last quarter. Driehaus Capital Management LLC lifted its position in Xenon Pharmaceuticals by 2.3% in the 2nd quarter. Driehaus Capital Management LLC now owns 4,419,472 shares of the biopharmaceutical company’s stock valued at $172,315,000 after acquiring an additional 97,732 shares in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new stake in Xenon Pharmaceuticals during the 2nd quarter valued at $1,574,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in shares of Xenon Pharmaceuticals by 4.3% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 439,074 shares of the biopharmaceutical company’s stock worth $17,287,000 after purchasing an additional 17,953 shares in the last quarter. Institutional investors own 95.45% of the company’s stock.

Xenon Pharmaceuticals Company Profile

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.