Xenon Pharmaceuticals (NASDAQ:XENE) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Xenon Pharmaceuticals (NASDAQ:XENE) from a buy rating to a hold rating in a research note published on Saturday, Zacks.com reports.

According to Zacks, “Xenon Pharmaceuticals Inc. is a clinical-stage biopharmaceutical company. It is focused on the development of medicines through the application of its proprietary discovery platform, which it refer to as Extreme Genetics. Xenon is developing proprietary product candidates for the treatment of both orphan as well as more prevalent diseases. The company offers Glybera (R), a gene therapy for the treatment of lipoprotein lipase deficiency, an orphan disorder. Xenon Pharmaceuticals Inc. is headquartered in Burnaby, Canada. “

Several other equities research analysts also recently commented on XENE. ValuEngine raised Xenon Pharmaceuticals from a hold rating to a buy rating in a report on Monday, March 9th. Wedbush started coverage on Xenon Pharmaceuticals in a report on Tuesday, March 24th. They issued an outperform rating and a $23.00 target price on the stock. Jefferies Financial Group started coverage on Xenon Pharmaceuticals in a report on Sunday, May 31st. They issued a buy rating and a $23.00 target price on the stock. William Blair reissued a buy rating on shares of Xenon Pharmaceuticals in a report on Friday, May 22nd. Finally, BidaskClub downgraded Xenon Pharmaceuticals from a buy rating to a hold rating in a report on Friday, May 29th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Xenon Pharmaceuticals currently has an average rating of Buy and a consensus target price of $21.25.

Shares of XENE opened at $12.01 on Friday. The business has a 50-day moving average of $12.90 and a 200 day moving average of $13.56. Xenon Pharmaceuticals has a fifty-two week low of $7.00 and a fifty-two week high of $18.45. The firm has a market cap of $450.82 million, a P/E ratio of -8.96 and a beta of 1.36.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings results on Thursday, May 21st. The biopharmaceutical company reported ($0.22) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.32) by $0.10. The company had revenue of $7.08 million during the quarter, compared to analysts’ expectations of $7.50 million. As a group, sell-side analysts predict that Xenon Pharmaceuticals will post -0.85 EPS for the current year.

In other news, CEO Simon N. Pimstone sold 3,000 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $14.43, for a total transaction of $43,290.00. Following the transaction, the chief executive officer now directly owns 258,186 shares of the company’s stock, valued at $3,725,623.98. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Simon N. Pimstone sold 5,000 shares of the company’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $13.99, for a total value of $69,950.00. Following the transaction, the chief executive officer now directly owns 258,186 shares in the company, valued at $3,612,022.14. The disclosure for this sale can be found here. Corporate insiders own 7.20% of the company’s stock.

Several large investors have recently made changes to their positions in XENE. Deutsche Bank AG increased its position in Xenon Pharmaceuticals by 2,933.8% during the first quarter. Deutsche Bank AG now owns 95,080 shares of the biopharmaceutical company’s stock valued at $1,078,000 after acquiring an additional 91,946 shares during the last quarter. BlackRock Inc. purchased a new stake in Xenon Pharmaceuticals during the first quarter valued at $87,000. Two Sigma Investments LP increased its position in Xenon Pharmaceuticals by 15.3% during the first quarter. Two Sigma Investments LP now owns 88,605 shares of the biopharmaceutical company’s stock valued at $1,005,000 after acquiring an additional 11,788 shares during the last quarter. BVF Inc. IL increased its position in Xenon Pharmaceuticals by 11.9% during the fourth quarter. BVF Inc. IL now owns 1,949,075 shares of the biopharmaceutical company’s stock valued at $25,552,000 after acquiring an additional 207,475 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Xenon Pharmaceuticals by 174.5% during the first quarter. Bank of New York Mellon Corp now owns 675,876 shares of the biopharmaceutical company’s stock valued at $7,664,000 after acquiring an additional 429,613 shares during the last quarter. 79.24% of the stock is currently owned by hedge funds and other institutional investors.

About Xenon Pharmaceuticals

Xenon Pharmaceuticals, Inc engages in discovering and developing therapeutics to improve the lives of patients with neurological disorders. It focuses on the treatment of epilepsy. Its products include XEN496, XEN1101, XEN901, and XEN007. The company was founded by Simon Neil Pimstone, Johannes J. P.

See Also: Bollinger Bands

Get a free copy of the Zacks research report on Xenon Pharmaceuticals (XENE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Xenon Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Xenon Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.