Needham & Company LLC Has Lowered Expectations for Xenon Pharmaceuticals (NASDAQ:XENE) Stock Price

Xenon Pharmaceuticals (NASDAQ:XENE) had its price objective trimmed by Needham & Company LLC from $60.00 to $55.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

A number of other equities research analysts have also weighed in on XENE. HC Wainwright reiterated a “buy” rating and set a $53.00 target price on shares of Xenon Pharmaceuticals in a research note on Monday, February 24th. The Goldman Sachs Group decreased their target price on shares of Xenon Pharmaceuticals from $60.00 to $52.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Royal Bank of Canada reiterated an “outperform” rating on shares of Xenon Pharmaceuticals in a research note on Friday, February 28th. StockNews.com lowered shares of Xenon Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday, May 2nd. Finally, William Blair reiterated an “outperform” rating on shares of Xenon Pharmaceuticals in a research note on Monday, May 5th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Xenon Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.80.

Xenon Pharmaceuticals Trading Down 17.4%

XENE stock opened at $29.60 on Tuesday. The stock has a market capitalization of $2.27 billion, a PE ratio of -10.50 and a beta of 1.21. Xenon Pharmaceuticals has a 12-month low of $26.74 and a 12-month high of $46.00. The stock’s 50 day simple moving average is $34.41 and its 200 day simple moving average is $38.18.

Xenon Pharmaceuticals (NASDAQ:XENE) last released its quarterly earnings data on Monday, May 12th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.90) by $0.07. The business had revenue of $7.50 million during the quarter, compared to the consensus estimate of $1.64 million. During the same period last year, the company posted ($0.62) earnings per share. On average, research analysts predict that Xenon Pharmaceuticals will post -3.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in XENE. FMR LLC lifted its holdings in shares of Xenon Pharmaceuticals by 8.8% in the 4th quarter. FMR LLC now owns 7,525,290 shares of the biopharmaceutical company’s stock valued at $294,991,000 after acquiring an additional 607,606 shares during the last quarter. Boxer Capital Management LLC bought a new position in shares of Xenon Pharmaceuticals in the 4th quarter valued at about $23,520,000. JPMorgan Chase & Co. lifted its holdings in shares of Xenon Pharmaceuticals by 38.9% in the 4th quarter. JPMorgan Chase & Co. now owns 1,356,895 shares of the biopharmaceutical company’s stock valued at $53,190,000 after acquiring an additional 380,112 shares during the last quarter. Stempoint Capital LP bought a new position in shares of Xenon Pharmaceuticals in the 4th quarter valued at about $14,733,000. Finally, Janus Henderson Group PLC lifted its holdings in shares of Xenon Pharmaceuticals by 12.3% in the 4th quarter. Janus Henderson Group PLC now owns 2,866,755 shares of the biopharmaceutical company’s stock valued at $112,425,000 after acquiring an additional 314,363 shares during the last quarter. Institutional investors own 95.45% of the company’s stock.

Xenon Pharmaceuticals Company Profile

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.