Xenon Pharmaceuticals (NASDAQ:XENE) Shares Gap Down – Here’s Why

Xenon Pharmaceuticals Inc. (NASDAQ:XENE)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $36.45, but opened at $35.54. Xenon Pharmaceuticals shares last traded at $35.66, with a volume of 16,629 shares.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. William Blair restated an “outperform” rating on shares of Xenon Pharmaceuticals in a research note on Friday, February 28th. Deutsche Bank Aktiengesellschaft started coverage on Xenon Pharmaceuticals in a report on Tuesday, February 11th. They issued a “buy” rating and a $67.00 target price for the company. Royal Bank of Canada reaffirmed an “outperform” rating on shares of Xenon Pharmaceuticals in a research note on Friday, February 28th. Finally, HC Wainwright reiterated a “buy” rating and issued a $53.00 price objective on shares of Xenon Pharmaceuticals in a research note on Monday, February 24th. Nine equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $57.38.

Xenon Pharmaceuticals Trading Down 3.0 %

The stock’s 50 day moving average price is $38.11 and its two-hundred day moving average price is $39.85. The firm has a market capitalization of $2.71 billion, a PE ratio of -12.44 and a beta of 1.26.

Xenon Pharmaceuticals (NASDAQ:XENE) last issued its quarterly earnings data on Thursday, February 27th. The biopharmaceutical company reported ($0.84) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.89) by $0.05. Analysts expect that Xenon Pharmaceuticals Inc. will post -3.1 earnings per share for the current year.

Insider Transactions at Xenon Pharmaceuticals

In other Xenon Pharmaceuticals news, CEO Ian Mortimer sold 22,468 shares of Xenon Pharmaceuticals stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $40.20, for a total value of $903,213.60. Following the completion of the sale, the chief executive officer now directly owns 31,302 shares of the company’s stock, valued at approximately $1,258,340.40. The trade was a 41.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.52% of the company’s stock.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Several large investors have recently added to or reduced their stakes in XENE. Natixis Advisors LLC raised its holdings in shares of Xenon Pharmaceuticals by 38.6% in the 3rd quarter. Natixis Advisors LLC now owns 27,158 shares of the biopharmaceutical company’s stock worth $1,069,000 after purchasing an additional 7,564 shares during the period. Advisors Asset Management Inc. raised its holdings in Xenon Pharmaceuticals by 3.8% in the third quarter. Advisors Asset Management Inc. now owns 13,592 shares of the biopharmaceutical company’s stock valued at $535,000 after buying an additional 493 shares during the period. Westfield Capital Management Co. LP lifted its position in Xenon Pharmaceuticals by 4.0% during the third quarter. Westfield Capital Management Co. LP now owns 669,600 shares of the biopharmaceutical company’s stock valued at $26,362,000 after buying an additional 26,054 shares in the last quarter. Loomis Sayles & Co. L P grew its stake in Xenon Pharmaceuticals by 7.1% during 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 during the period. Finally, FMR LLC increased its position in shares of Xenon Pharmaceuticals by 2.2% in the third quarter. FMR LLC now owns 6,917,684 shares of the biopharmaceutical company’s stock worth $272,349,000 after acquiring an additional 149,511 shares in the last quarter. 95.45% of the stock is currently owned by hedge funds and other institutional investors.

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.