Jennison Associates LLC Buys 352,573 Shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE)

Jennison Associates LLC lifted its stake in Xenon Pharmaceuticals Inc. (NASDAQ:XENE) by 164.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 566,396 shares of the biopharmaceutical company’s stock after acquiring an additional 352,573 shares during the period. Jennison Associates LLC owned 0.87% of Xenon Pharmaceuticals worth $26,088,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. abrdn plc bought a new position in shares of Xenon Pharmaceuticals in the 4th quarter worth $1,476,000. Federated Hermes Inc. bought a new position in shares of Xenon Pharmaceuticals in the 4th quarter worth $15,964,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Xenon Pharmaceuticals by 34.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,584 shares of the biopharmaceutical company’s stock worth $718,000 after acquiring an additional 3,961 shares in the last quarter. DekaBank Deutsche Girozentrale raised its position in shares of Xenon Pharmaceuticals by 95.0% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 39,000 shares of the biopharmaceutical company’s stock worth $1,801,000 after acquiring an additional 19,000 shares in the last quarter. Finally, Arizona State Retirement System raised its position in shares of Xenon Pharmaceuticals by 21.2% in the 4th quarter. Arizona State Retirement System now owns 17,552 shares of the biopharmaceutical company’s stock worth $808,000 after acquiring an additional 3,074 shares in the last quarter. 95.45% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Royal Bank of Canada reduced their price target on Xenon Pharmaceuticals from $56.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, March 1st. Bank of America upped their target price on Xenon Pharmaceuticals from $52.00 to $56.00 and gave the company a “buy” rating in a research report on Tuesday, January 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $62.00 target price on shares of Xenon Pharmaceuticals in a research report on Friday, April 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $65.00 target price on shares of Xenon Pharmaceuticals in a research report on Wednesday, April 10th. Finally, Wedbush upped their target price on Xenon Pharmaceuticals from $46.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. One analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.44.

Xenon Pharmaceuticals Price Performance

Shares of XENE stock opened at $39.50 on Thursday. The stock’s 50-day simple moving average is $44.29 and its 200-day simple moving average is $41.01. Xenon Pharmaceuticals Inc. has a fifty-two week low of $27.99 and a fifty-two week high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings data on Thursday, February 29th. The biopharmaceutical company reported ($0.64) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.12. Xenon Pharmaceuticals’s quarterly revenue was up .0% on a year-over-year basis. During the same period last year, the business earned ($0.57) earnings per share. As a group, equities analysts predict that Xenon Pharmaceuticals Inc. will post -3.04 earnings per share for the current fiscal year.

Insider Transactions at Xenon Pharmaceuticals

In other news, EVP Sherrington Robin sold 7,137 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $46.28, for a total value of $330,300.36. Following the sale, the executive vice president now owns 8,398 shares in the company, valued at $388,659.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Sherrington Robin sold 7,137 shares of the company’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $46.28, for a total value of $330,300.36. Following the sale, the executive vice president now owns 8,398 shares in the company, valued at $388,659.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven Gannon sold 13,000 shares of the company’s 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 completion of the sale, the director now owns 2,000 shares in the company, valued at approximately $92,560. The disclosure for this sale can be found here. Company insiders own 5.43% 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.