Brokerages Set Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Target Price at $58.78

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) has been given an average rating of “Buy” by the ten analysts that are presently covering the stock, MarketBeat reports. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $58.78.

XENE has been the topic of several recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $65.00 target price on shares of Xenon Pharmaceuticals in a report on Friday, August 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $55.00 price objective on shares of Xenon Pharmaceuticals in a research note on Tuesday, September 3rd. Wedbush cut their target price on Xenon Pharmaceuticals from $50.00 to $49.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. Needham & Company LLC decreased their price target on Xenon Pharmaceuticals from $62.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, William Blair upgraded Xenon Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th.

Xenon Pharmaceuticals Price Performance

Xenon Pharmaceuticals stock opened at $40.09 on Friday. The firm has a market cap of $3.03 billion, a PE ratio of -14.79 and a beta of 1.25. The stock’s fifty day moving average price is $40.86 and its two-hundred day moving average price is $40.71. Xenon Pharmaceuticals has a one year low of $27.99 and a one year high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE) last released its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.70) by ($0.05). During the same period in the prior year, the business earned ($0.72) earnings per share. Sell-side analysts expect that Xenon Pharmaceuticals will post -3.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC raised its position in Xenon Pharmaceuticals by 51.2% during the 4th quarter. Parallel Advisors LLC now owns 1,125 shares of the biopharmaceutical company’s stock worth $52,000 after purchasing an additional 381 shares during the last quarter. California State Teachers Retirement System raised its position in shares of Xenon Pharmaceuticals by 0.9% during the first quarter. California State Teachers Retirement System now owns 56,477 shares of the biopharmaceutical company’s stock worth $2,431,000 after acquiring an additional 490 shares during the last quarter. ProShare Advisors LLC raised its position in shares of Xenon Pharmaceuticals by 12.0% during the first quarter. ProShare Advisors LLC now owns 5,286 shares of the biopharmaceutical company’s stock worth $228,000 after acquiring an additional 565 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of Xenon Pharmaceuticals by 4.0% in the second quarter. Arizona State Retirement System now owns 17,949 shares of the biopharmaceutical company’s stock worth $700,000 after acquiring an additional 688 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in Xenon Pharmaceuticals by 1.6% in the second quarter. Envestnet Asset Management Inc. now owns 48,946 shares of the biopharmaceutical company’s stock valued at $1,908,000 after acquiring an additional 769 shares during the last quarter. Institutional investors and hedge funds own 95.45% of the company’s stock.

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.