Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE) have received a consensus recommendation of “Buy” from the nine ratings firms that are presently covering the firm, MarketBeat Ratings reports. Nine investment analysts have rated the stock with a buy recommendation. The average 12-month price target among analysts that have covered the stock in the last year is $58.78.

Several analysts have issued reports on the company. Royal Bank of Canada restated an “outperform” rating and set a $55.00 price objective on shares of Xenon Pharmaceuticals in a research note on Tuesday, June 18th. Needham & Company LLC lowered their target price on shares of Xenon Pharmaceuticals from $62.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 price target on shares of Xenon Pharmaceuticals in a research report on Friday, August 9th. Wedbush lowered their price objective on shares of Xenon Pharmaceuticals from $50.00 to $49.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Finally, Citigroup dropped their price objective on shares of Xenon Pharmaceuticals from $62.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, May 10th.

Xenon Pharmaceuticals Stock Up 5.5 %

Shares of NASDAQ XENE opened at $40.76 on Monday. Xenon Pharmaceuticals has a fifty-two week low of $27.99 and a fifty-two week high of $50.99. The business has a 50 day moving average price of $39.91 and a two-hundred day moving average price of $41.76. The firm has a market cap of $3.08 billion, a PE ratio of -15.04 and a beta of 1.26.

Xenon Pharmaceuticals (NASDAQ:XENE) last issued its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.05). During the same period last year, the company posted ($0.72) EPS. On average, analysts anticipate that Xenon Pharmaceuticals will post -3.16 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP raised its holdings in shares of Xenon Pharmaceuticals by 140.9% during the fourth quarter. Wellington Management Group LLP now owns 4,162,654 shares of the biopharmaceutical company’s stock valued at $191,732,000 after buying an additional 2,434,546 shares during the last quarter. First Light Asset Management LLC boosted its position in Xenon Pharmaceuticals by 173.3% during the 4th quarter. First Light Asset Management LLC now owns 1,645,490 shares of the biopharmaceutical company’s stock worth $75,791,000 after acquiring an additional 1,043,420 shares during the period. Avoro Capital Advisors LLC grew its stake in shares of Xenon Pharmaceuticals by 15.6% in the fourth quarter. Avoro Capital Advisors LLC now owns 5,666,666 shares of the biopharmaceutical company’s stock worth $261,007,000 after purchasing an additional 766,666 shares in the last quarter. First Turn Management LLC acquired a new position in shares of Xenon Pharmaceuticals during the fourth quarter valued at $31,339,000. Finally, Avidity Partners Management LP increased its holdings in shares of Xenon Pharmaceuticals by 153.9% during the fourth quarter. Avidity Partners Management LP now owns 815,993 shares of the biopharmaceutical company’s stock valued at $37,585,000 after purchasing an additional 494,593 shares during the period. Institutional investors own 95.45% of the company’s stock.

Xenon Pharmaceuticals Company Profile

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.