Xenon Pharmaceuticals (NASDAQ:XENE) Sets New 52-Week High – Here’s What Happened

Xenon Pharmaceuticals Inc. (NASDAQ:XENE)’s stock price hit a new 52-week high during trading on Friday . The company traded as high as $45.32 and last traded at $44.9970, with a volume of 29651 shares traded. The stock had previously closed at $44.61.

Analyst Ratings Changes

XENE has been the subject of several analyst reports. Bloom Burton upgraded shares of Xenon Pharmaceuticals to a “strong-buy” rating in a research report on Tuesday, October 7th. Wedbush boosted their target price on Xenon Pharmaceuticals from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Tuesday, August 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a report on Tuesday, October 14th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $44.00 price target (down from $48.00) on shares of Xenon Pharmaceuticals in a research note on Tuesday, November 4th. Finally, Royal Bank Of Canada boosted their price objective on Xenon Pharmaceuticals from $55.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, November 4th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Xenon Pharmaceuticals presently has an average rating of “Buy” and a consensus price target of $54.27.

Xenon Pharmaceuticals Price Performance

The company has a market capitalization of $3.47 billion, a P/E ratio of -11.54 and a beta of 1.03. The company has a 50 day moving average of $41.09 and a 200-day moving average of $36.33.

Xenon Pharmaceuticals (NASDAQ:XENE) last released its quarterly earnings results on Monday, November 3rd. The biopharmaceutical company reported ($1.15) EPS for the quarter, beating analysts’ consensus estimates of ($1.16) by $0.01. The business’s quarterly revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.81) EPS. Research analysts predict that Xenon Pharmaceuticals Inc. will post -3.1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ian Mortimer sold 25,000 shares of Xenon Pharmaceuticals stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $40.16, for a total value of $1,004,000.00. Following the sale, the chief executive officer owned 31,302 shares in the company, valued at $1,257,088.32. The trade was a 44.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.07% of the stock is owned by insiders.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Xenon Pharmaceuticals by 15.7% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,964 shares of the biopharmaceutical company’s stock worth $93,000 after buying an additional 403 shares during the period. Natixis Advisors LLC raised its position in shares of Xenon Pharmaceuticals by 1.9% in the 1st quarter. Natixis Advisors LLC now owns 24,010 shares of the biopharmaceutical company’s stock worth $806,000 after acquiring an additional 456 shares in the last quarter. American Century Companies Inc. bought a new position in shares of Xenon Pharmaceuticals in the 2nd quarter worth approximately $21,280,000. Bank of New York Mellon Corp lifted its stake in shares of Xenon Pharmaceuticals by 73.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 436,020 shares of the biopharmaceutical company’s stock valued at $13,647,000 after purchasing an additional 184,873 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in shares of Xenon Pharmaceuticals by 81.2% during the second quarter. Assenagon Asset Management S.A. now owns 436,974 shares of the biopharmaceutical company’s stock valued at $13,677,000 after purchasing an additional 195,768 shares in the last quarter. 95.45% of the stock is owned by hedge funds and other institutional investors.

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.