Xenon Pharmaceuticals (NASDAQ:XENE) Price Target Raised to $62.00

Xenon Pharmaceuticals (NASDAQ:XENEFree Report) had its price objective increased by Needham & Company LLC from $50.00 to $62.00 in a report published on Friday, Benzinga reports. The firm currently has a buy rating on the biopharmaceutical company’s stock.

XENE has been the subject of a number of other research reports. Wedbush lowered their price objective on Xenon Pharmaceuticals from $47.00 to $46.00 and set an outperform rating for the company in a research note on Thursday, November 9th. Bank of America boosted their price objective on shares of Xenon Pharmaceuticals from $52.00 to $56.00 and gave the company a buy rating in a research report on Tuesday, January 2nd. Royal Bank of Canada increased their price target on shares of Xenon Pharmaceuticals from $51.00 to $56.00 and gave the company an outperform rating in a report on Tuesday, November 28th. JPMorgan Chase & Co. upped their price target on shares of Xenon Pharmaceuticals from $54.00 to $59.00 and gave the stock an outperform rating in a research report on Tuesday, December 19th. Finally, Robert W. Baird initiated coverage on shares of Xenon Pharmaceuticals in a research report on Friday, December 8th. They set an outperform rating and a $63.00 price objective for the company. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to MarketBeat.com, Xenon Pharmaceuticals has an average rating of Moderate Buy and a consensus target price of $58.67.

Get Our Latest Stock Analysis on Xenon Pharmaceuticals

Xenon Pharmaceuticals Stock Down 1.9 %

XENE opened at $45.95 on Friday. The company has a 50-day moving average price of $46.70 and a 200 day moving average price of $39.49. The company has a market cap of $3.47 billion, a PE ratio of -16.89 and a beta of 1.17. Xenon Pharmaceuticals has a twelve month low of $27.99 and a twelve month high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENEGet Free Report) last posted its quarterly earnings data on Thursday, February 29th. The biopharmaceutical company reported ($0.64) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.12. During the same quarter in the prior year, the company earned ($0.57) EPS. The company’s quarterly revenue was up .0% compared to the same quarter last year. As a group, sell-side analysts expect that Xenon Pharmaceuticals will post -3.21 earnings per share for the current year.

Insider Activity

In related news, Director Gary Patou sold 11,380 shares of the business’s stock in a transaction that occurred on Wednesday, December 13th. The shares were sold at an average price of $39.29, for a total transaction of $447,120.20. Following the completion of the transaction, the director now owns 23,573 shares of the company’s stock, valued at $926,183.17. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 5.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in XENE. Polar Capital Holdings Plc acquired a new stake in Xenon Pharmaceuticals during the 2nd quarter worth about $116,350,000. First Light Asset Management LLC grew its stake in shares of Xenon Pharmaceuticals by 173.3% in the fourth quarter. First Light Asset Management LLC now owns 1,645,490 shares of the biopharmaceutical company’s stock worth $75,791,000 after acquiring an additional 1,043,420 shares in the last quarter. Avoro Capital Advisors LLC grew its position in Xenon Pharmaceuticals by 15.6% during the fourth quarter. Avoro Capital Advisors LLC now owns 5,666,666 shares of the biopharmaceutical company’s stock worth $261,007,000 after buying an additional 766,666 shares during the period. First Turn Management LLC purchased a new position in shares of Xenon Pharmaceuticals in the 4th quarter valued at $31,339,000. Finally, Wellington Management Group LLP lifted its position in Xenon Pharmaceuticals by 64.4% in the 3rd quarter. Wellington Management Group LLP now owns 1,728,108 shares of the biopharmaceutical company’s stock valued at $59,032,000 after purchasing an additional 677,057 shares during the last quarter. Institutional investors and hedge funds own 95.70% of the company’s stock.

Xenon Pharmaceuticals Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Xenon Pharmaceuticals (NASDAQ:XENE)

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