Xenon Pharmaceuticals (NASDAQ:XENE) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Xenon Pharmaceuticals (NASDAQ:XENE) had its price target lifted by equities researchers at Royal Bank Of Canada from $55.00 to $58.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank Of Canada’s price target would suggest a potential upside of 46.37% from the stock’s current price.

Other research analysts also recently issued research reports about the stock. Chardan Capital reissued a “buy” rating and set a $55.00 price objective on shares of Xenon Pharmaceuticals in a report on Tuesday, October 7th. Needham & Company LLC reissued a “buy” rating and set a $55.00 price target on shares of Xenon Pharmaceuticals in a research note on Tuesday. Wells Fargo & Company reiterated an “overweight” rating and set a $44.00 price objective (down previously from $48.00) on shares of Xenon Pharmaceuticals in a research report on Tuesday. Bloom Burton upgraded shares of Xenon Pharmaceuticals to a “strong-buy” rating in a research report on Tuesday, October 7th. Finally, William Blair reaffirmed an “outperform” rating on shares of Xenon Pharmaceuticals in a research note on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Xenon Pharmaceuticals has a consensus rating of “Moderate Buy” and a consensus price target of $53.56.

Xenon Pharmaceuticals Price Performance

Shares of NASDAQ XENE traded down $1.50 during mid-day trading on Tuesday, reaching $39.63. The company’s stock had a trading volume of 521,412 shares, compared to its average volume of 858,200. The firm has a market capitalization of $3.06 billion, a PE ratio of -11.14 and a beta of 1.14. The stock has a fifty day moving average of $39.40 and a two-hundred day moving average of $35.38. Xenon Pharmaceuticals has a 52 week low of $26.74 and a 52 week high of $46.00.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its quarterly earnings results on Monday, November 3rd. The biopharmaceutical company reported ($1.15) earnings per share for the quarter, topping the consensus estimate of ($1.16) by $0.01. During the same period in the prior year, the company earned ($0.81) earnings per share. The company’s quarterly revenue was up .0% compared to the same quarter last year. Analysts anticipate that Xenon Pharmaceuticals will post -3.1 EPS for the current fiscal year.

Insider Activity

In other news, CEO Ian Mortimer sold 25,000 shares of Xenon Pharmaceuticals stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $40.16, for a total transaction of $1,004,000.00. Following the completion of the sale, the chief executive officer directly owned 31,302 shares in the company, valued at approximately $1,257,088.32. This trade represents a 44.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.07% of the company’s stock.

Institutional Investors Weigh In On Xenon Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans bought a new stake in Xenon Pharmaceuticals during the 3rd quarter valued at about $647,000. Arizona State Retirement System raised its stake in shares of Xenon Pharmaceuticals by 1.8% during the third quarter. Arizona State Retirement System now owns 19,290 shares of the biopharmaceutical company’s stock valued at $774,000 after acquiring an additional 334 shares in the last quarter. New York State Common Retirement Fund raised its stake in shares of Xenon Pharmaceuticals by 3.1% during the third quarter. New York State Common Retirement Fund now owns 171,708 shares of the biopharmaceutical company’s stock valued at $6,894,000 after acquiring an additional 5,236 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new stake in shares of Xenon Pharmaceuticals during the third quarter valued at approximately $1,151,000. Finally, Citizens Financial Group Inc. RI bought a new stake in shares of Xenon Pharmaceuticals during the third quarter valued at approximately $201,000. Institutional investors own 95.45% of the company’s stock.

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.