Xenon Pharmaceuticals (NASDAQ:XENE) Stock Rating Upgraded by Chardan Capital

Xenon Pharmaceuticals (NASDAQ:XENE) was upgraded by investment analysts at Chardan Capital to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Several other analysts have also issued reports on XENE. Wells Fargo & Company restated an “overweight” rating and issued a $44.00 price objective (down previously from $48.00) on shares of Xenon Pharmaceuticals in a research note on Tuesday, November 4th. JPMorgan Chase & Co. boosted their target price on Xenon Pharmaceuticals from $57.00 to $60.00 and gave the stock an “overweight” rating in a report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a research note on Tuesday, October 14th. Bloom Burton raised shares of Xenon Pharmaceuticals to a “strong-buy” rating in a research report on Tuesday, October 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $55.00 price objective on shares of Xenon Pharmaceuticals in a report on Tuesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $54.27.

Xenon Pharmaceuticals Trading Down 0.9%

NASDAQ XENE opened at $40.27 on Wednesday. The firm has a market capitalization of $3.11 billion, a P/E ratio of -11.34 and a beta of 1.10. The firm’s fifty day moving average price is $39.71 and its two-hundred day moving average price is $35.62. Xenon Pharmaceuticals has a 1 year low of $26.74 and a 1 year high of $44.23.

Xenon Pharmaceuticals (NASDAQ:XENE) last released its quarterly earnings data 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. The company’s revenue was up .0% compared to the same quarter last year. During the same quarter last year, the business earned ($0.81) EPS. On average, research analysts anticipate that Xenon Pharmaceuticals will post -3.1 EPS for the current fiscal year.

Insiders Place Their Bets

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 owned 31,302 shares of the company’s stock, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.07% of the stock is owned by insiders.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. Holocene Advisors LP bought a new position in Xenon Pharmaceuticals during the second quarter worth about $56,637,000. Wellington Management Group LLP grew its position in shares of Xenon Pharmaceuticals by 66.0% during the 3rd quarter. Wellington Management Group LLP now owns 3,609,857 shares of the biopharmaceutical company’s stock worth $144,936,000 after purchasing an additional 1,435,096 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Xenon Pharmaceuticals by 1,294.2% during the second quarter. Geode Capital Management LLC now owns 970,343 shares of the biopharmaceutical company’s stock worth $30,369,000 after purchasing an additional 900,746 shares during the period. Braidwell LP raised its position in shares of Xenon Pharmaceuticals by 33.0% in the second quarter. Braidwell LP now owns 3,605,029 shares of the biopharmaceutical company’s stock valued at $112,837,000 after buying an additional 895,154 shares in the last quarter. Finally, Vestal Point Capital LP boosted its stake in shares of Xenon Pharmaceuticals by 53.8% in the second quarter. Vestal Point Capital LP now owns 2,000,000 shares of the biopharmaceutical company’s stock valued at $62,600,000 after buying an additional 700,000 shares during the period. 95.45% of the stock is currently owned by institutional investors and hedge funds.

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.