Lord Abbett & CO. LLC Has $6.85 Million Holdings in Xenon Pharmaceuticals Inc. (NASDAQ:XENE)

Lord Abbett & CO. LLC trimmed its stake in shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE) by 8.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 173,985 shares of the biopharmaceutical company’s stock after selling 16,048 shares during the period. Lord Abbett & CO. LLC’s holdings in Xenon Pharmaceuticals were worth $6,850,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. FMR LLC increased its holdings in Xenon Pharmaceuticals by 2.2% during the 3rd quarter. FMR LLC now owns 6,917,684 shares of the biopharmaceutical company’s stock worth $272,349,000 after purchasing an additional 149,511 shares in the last quarter. Driehaus Capital Management LLC boosted its position in shares of Xenon Pharmaceuticals by 2.3% during the second quarter. Driehaus Capital Management LLC now owns 4,419,472 shares of the biopharmaceutical company’s stock worth $172,315,000 after buying an additional 97,732 shares during the period. Wellington Management Group LLP grew its holdings in shares of Xenon Pharmaceuticals by 0.4% during the third quarter. Wellington Management Group LLP now owns 3,843,447 shares of the biopharmaceutical company’s stock worth $151,317,000 after buying an additional 15,226 shares in the last quarter. Braidwell LP raised its position in Xenon Pharmaceuticals by 5.7% in the 3rd quarter. Braidwell LP now owns 2,707,255 shares of the biopharmaceutical company’s stock valued at $106,585,000 after buying an additional 146,682 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Xenon Pharmaceuticals by 144.2% in the 3rd quarter. Janus Henderson Group PLC now owns 2,552,392 shares of the biopharmaceutical company’s stock valued at $100,506,000 after acquiring an additional 1,507,135 shares in the last quarter. 95.45% of the stock is owned by institutional investors.

Insider Activity at Xenon Pharmaceuticals

In related news, Director Gary Patou sold 4,891 shares of the company’s stock in a transaction dated Friday, November 22nd. The shares were 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. This represents a 17.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.52% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $55.00 price target on shares of Xenon Pharmaceuticals in a research note on Tuesday, September 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $53.00 target price on shares of Xenon Pharmaceuticals in a research report on Thursday, December 12th. William Blair raised shares of Xenon Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Raymond James restated an “outperform” rating and set a $50.00 price objective on shares of Xenon Pharmaceuticals in a research note on Thursday, October 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Xenon Pharmaceuticals in a research report on Wednesday, November 13th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Xenon Pharmaceuticals has an average rating of “Buy” and an average price target of $56.90.

Xenon Pharmaceuticals Stock Performance

Shares of XENE stock opened at $41.31 on Tuesday. Xenon Pharmaceuticals Inc. has a 52-week low of $35.53 and a 52-week high of $50.99. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of -14.65 and a beta of 1.19. The firm’s 50-day moving average is $41.91 and its 200-day moving average is $40.44.

Xenon Pharmaceuticals (NASDAQ:XENE) last released its quarterly earnings data on Tuesday, November 12th. The biopharmaceutical company reported ($0.81) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.82) by $0.01. During the same period in the prior year, the business posted ($0.73) earnings per share. Sell-side analysts predict that Xenon Pharmaceuticals Inc. will post -3.1 EPS for the current fiscal year.

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.