Traders Buy High Volume of Xenon Pharmaceuticals Put Options (NASDAQ:XENE)

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) was the target of some unusual options trading on Wednesday. Stock investors purchased 4,063 put options on the stock. This is an increase of approximately 2,362% compared to the average volume of 165 put options.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Bank of America increased their price objective on Xenon Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, January 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $65.00 price objective on shares of Xenon Pharmaceuticals in a report on Wednesday, April 10th. Royal Bank of Canada decreased their price target on Xenon Pharmaceuticals from $56.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, March 1st. Needham & Company LLC restated a “buy” rating and issued a $62.00 price target on shares of Xenon Pharmaceuticals in a research note on Friday, April 12th. Finally, Wedbush raised their price target on Xenon Pharmaceuticals from $46.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Xenon Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $59.44.

Xenon Pharmaceuticals Trading Down 3.2 %

NASDAQ:XENE opened at $40.31 on Friday. The stock has a market cap of $3.04 billion, a P/E ratio of -14.82 and a beta of 1.15. The stock has a 50 day simple moving average of $45.00 and a 200 day simple moving average of $40.80. Xenon Pharmaceuticals has a 1-year low of $27.99 and a 1-year high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE) last released its quarterly earnings results on Thursday, February 29th. The biopharmaceutical company reported ($0.64) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.12. The business’s revenue for the quarter was up .0% on a year-over-year basis. During the same period last year, the firm earned ($0.57) EPS. As a group, sell-side analysts forecast that Xenon Pharmaceuticals will post -3.04 EPS for the current year.

Insider Activity

In other news, Director Steven Gannon sold 13,000 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $46.28, for a total transaction of $601,640.00. Following the transaction, the director now owns 2,000 shares of the company’s stock, valued at $92,560. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Sherrington Robin sold 7,137 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $46.28, for a total transaction of $330,300.36. Following the sale, the executive vice president now owns 8,398 shares of the company’s stock, valued at $388,659.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Steven Gannon sold 13,000 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $46.28, for a total value of $601,640.00. Following the transaction, the director now owns 2,000 shares of the company’s stock, valued at $92,560. The disclosure for this sale can be found here. 5.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in XENE. BNP Paribas Arbitrage SA raised its holdings in Xenon Pharmaceuticals by 1,567.5% in the 1st quarter. BNP Paribas Arbitrage SA now owns 1,334 shares of the biopharmaceutical company’s stock valued at $41,000 after acquiring an additional 1,254 shares in the last quarter. US Bancorp DE increased its stake in shares of Xenon Pharmaceuticals by 260.2% in the 4th quarter. US Bancorp DE now owns 933 shares of the biopharmaceutical company’s stock valued at $43,000 after purchasing an additional 674 shares during the last quarter. Wells Fargo & Company MN increased its stake in shares of Xenon Pharmaceuticals by 124.6% in the 4th quarter. Wells Fargo & Company MN now owns 1,123 shares of the biopharmaceutical company’s stock valued at $44,000 after purchasing an additional 623 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Xenon Pharmaceuticals by 414.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,014 shares of the biopharmaceutical company’s stock valued at $47,000 after purchasing an additional 817 shares during the last quarter. Finally, Parallel Advisors LLC increased its stake in shares of Xenon Pharmaceuticals by 51.2% in the 4th quarter. Parallel Advisors LLC now owns 1,125 shares of the biopharmaceutical company’s stock valued at $52,000 after purchasing an additional 381 shares during the last quarter. 95.45% of the stock is owned by institutional investors and hedge funds.

About Xenon Pharmaceuticals

Xenon Pharmaceuticals Inc, a clinical-stage biopharmaceutical company, engages in developing therapeutics to treat patients with neurological disorders in Canada. Its clinical development pipeline includes XEN496, a Kv7 potassium channel opener that is Phase III clinical trials for the treatment of KCNQ2 developmental and epileptic encephalopathy; and XEN1101, a Kv7 potassium channel opener, which is in Phase II clinical trial for the treatment of epilepsy and other neurological disorders.