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

Xenon Pharmaceuticals (NASDAQ:XENE)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $60.00 target price on the biopharmaceutical company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 38.28% from the stock’s previous close.

A number of other equities analysts have also weighed in on the company. William Blair raised Xenon Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $65.00 price target on shares of Xenon Pharmaceuticals in a research note on Friday, August 9th. Royal Bank of Canada restated 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 reiterated an “outperform” rating and set a $50.00 price target on shares of Xenon Pharmaceuticals in a research report on Thursday, October 10th. Finally, Wedbush dropped their price target on Xenon Pharmaceuticals from $50.00 to $49.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Eleven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $57.45.

Xenon Pharmaceuticals Price Performance

Shares of XENE stock opened at $43.39 on Wednesday. The business’s 50 day simple moving average is $41.05 and its 200 day simple moving average is $40.32. Xenon Pharmaceuticals has a one year low of $27.99 and a one year high of $50.99. The stock has a market capitalization of $3.29 billion, a PE ratio of -15.84 and a beta of 1.25.

Institutional Investors Weigh In On Xenon Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its stake in shares of Xenon Pharmaceuticals by 174.7% during the 3rd quarter. Blue Trust Inc. now owns 1,008 shares of the biopharmaceutical company’s stock worth $39,000 after acquiring an additional 641 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Xenon Pharmaceuticals in the 3rd quarter valued at $102,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Xenon Pharmaceuticals by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,740 shares of the biopharmaceutical company’s stock valued at $106,000 after acquiring an additional 487 shares during the period. Quarry LP grew its stake in Xenon Pharmaceuticals by 207.7% during the 2nd quarter. Quarry LP now owns 4,000 shares of the biopharmaceutical company’s stock worth $156,000 after buying an additional 2,700 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new position in Xenon Pharmaceuticals during the 1st quarter worth $195,000. 95.45% of the stock is currently owned by hedge funds and other institutional investors.

About Xenon Pharmaceuticals

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.