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

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

Wall Street Analyst Weigh In

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

Xenon Pharmaceuticals Stock Down 2.4 %

The firm’s 50-day moving average is $41.93 and its 200-day moving average is $40.47. The company has a market capitalization of $2.93 billion, a PE ratio of -13.62 and a beta of 1.19.

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

Insider Buying and Selling 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 transaction, the director now owns 23,573 shares in the company, valued at approximately $968,378.84. The trade was a 17.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 5.52% of the company’s stock.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. Barclays PLC lifted its position in Xenon Pharmaceuticals by 1,275.5% in the third quarter. Barclays PLC now owns 14,993 shares of the biopharmaceutical company’s stock valued at $590,000 after purchasing an additional 13,903 shares during the last quarter. Vestcor Inc bought a new stake in Xenon Pharmaceuticals during the 3rd quarter valued at $327,000. Y Intercept Hong Kong Ltd raised its holdings in Xenon Pharmaceuticals by 68.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 24,557 shares of the biopharmaceutical company’s stock valued at $967,000 after buying an additional 10,007 shares during the last quarter. Wellington Management Group LLP boosted its position in Xenon Pharmaceuticals by 0.4% during the 3rd quarter. Wellington Management Group LLP now owns 3,843,447 shares of the biopharmaceutical company’s stock valued at $151,317,000 after buying an additional 15,226 shares during the period. Finally, Two Sigma Advisers LP grew its holdings in Xenon Pharmaceuticals by 31.0% in the 3rd quarter. Two Sigma Advisers LP now owns 273,700 shares of the biopharmaceutical company’s stock worth $10,776,000 after acquiring an additional 64,800 shares during 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.