Xenon Pharmaceuticals (NASDAQ:XENE) Shares Gap Up After Analyst Upgrade

Xenon Pharmaceuticals Inc. (NASDAQ:XENE)’s stock price gapped up before the market opened on Tuesday after Wedbush raised their price target on the stock from $42.00 to $43.00. The stock had previously closed at $34.11, but opened at $36.00. Wedbush currently has an outperform rating on the stock. Xenon Pharmaceuticals shares last traded at $36.96, with a volume of 253,617 shares changing hands.

A number of other analysts have also issued reports on XENE. HC Wainwright reissued a “buy” rating and issued a $53.00 price target on shares of Xenon Pharmaceuticals in a research report on Tuesday, May 13th. Needham & Company LLC reduced their price target on shares of Xenon Pharmaceuticals from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, May 13th. The Goldman Sachs Group reduced their price target on shares of Xenon Pharmaceuticals from $60.00 to $52.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Wall Street Zen lowered shares of Xenon Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Wednesday, May 21st. Finally, Wells Fargo & Company cut their price objective on shares of Xenon Pharmaceuticals from $50.00 to $47.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Xenon Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus price target of $53.20.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC bought a new position in Xenon Pharmaceuticals during the second quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd acquired a new position in Xenon Pharmaceuticals during the first quarter valued at approximately $30,000. Elevation Point Wealth Partners LLC acquired a new position in Xenon Pharmaceuticals during the second quarter valued at approximately $32,000. GF Fund Management CO. LTD. acquired a new position in Xenon Pharmaceuticals during the fourth quarter valued at approximately $63,000. Finally, Quarry LP acquired a new position in Xenon Pharmaceuticals during the fourth quarter valued at approximately $78,000. Institutional investors own 95.45% of the company’s stock.

Xenon Pharmaceuticals Price Performance

The firm has a fifty day simple moving average of $32.31 and a 200 day simple moving average of $34.09. The company has a market cap of $2.90 billion, a price-to-earnings ratio of -10.61 and a beta of 1.16.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings results on Monday, August 11th. The biopharmaceutical company reported ($1.07) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.04). During the same quarter in the prior year, the business posted ($0.75) earnings per share. Analysts expect that Xenon Pharmaceuticals Inc. will post -3.1 earnings per share for the current 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.