Needham & Company LLC Reaffirms Buy Rating for Xenon Pharmaceuticals (NASDAQ:XENE)

Xenon Pharmaceuticals (NASDAQ:XENE)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They currently have a $60.00 price objective on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 38.28% from the stock’s previous close.

Several other research analysts have also issued reports on XENE. William Blair raised shares of Xenon Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $65.00 target price on shares of Xenon Pharmaceuticals in a research note on Friday, August 9th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $55.00 target price on shares of Xenon Pharmaceuticals in a research note on Tuesday, September 3rd. Raymond James reissued an “outperform” rating and set a $50.00 price objective on shares of Xenon Pharmaceuticals in a research note on Thursday, October 10th. Finally, HC Wainwright assumed coverage on shares of Xenon Pharmaceuticals in a research note on Tuesday, October 1st. They set a “buy” rating and a $53.00 price objective on the stock. Eleven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $57.45.

Xenon Pharmaceuticals Stock Down 1.5 %

Shares of NASDAQ:XENE opened at $43.39 on Wednesday. Xenon Pharmaceuticals has a 12 month low of $27.99 and a 12 month high of $50.99. The company’s 50-day moving average price is $41.05 and its two-hundred day moving average price is $40.32. The firm has a market cap of $3.29 billion, a P/E ratio of -15.84 and a beta of 1.25.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Trust Inc. boosted its position in Xenon Pharmaceuticals by 174.7% during the third quarter. Blue Trust Inc. now owns 1,008 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 641 shares during the period. nVerses Capital LLC bought a new position in Xenon Pharmaceuticals during the third quarter worth $102,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Xenon Pharmaceuticals by 21.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,740 shares of the biopharmaceutical company’s stock worth $106,000 after purchasing an additional 487 shares during the period. Quarry LP boosted its position in Xenon Pharmaceuticals by 207.7% during the second quarter. Quarry LP now owns 4,000 shares of the biopharmaceutical company’s stock worth $156,000 after purchasing an additional 2,700 shares during the period. Finally, EntryPoint Capital LLC bought a new position in Xenon Pharmaceuticals during the first quarter worth $195,000. 95.45% of the stock is owned by 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.