Xenon Pharmaceuticals (NASDAQ:XENE) Sets New 1-Year Low – Here’s Why

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) shares hit a new 52-week low during mid-day trading on Tuesday. The stock traded as low as $36.02 and last traded at $35.9350, with a volume of 842359 shares changing hands. The stock had previously closed at $37.57.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on XENE shares. Robert W. Baird dropped their price target on shares of Xenon Pharmaceuticals from $97.00 to $90.00 and set an “outperform” rating for the company in a research report on Friday, September 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a research report on Friday. Wells Fargo & Company decreased their price target on Xenon Pharmaceuticals from $69.00 to $64.00 and set an “overweight” rating on the stock in a research note on Friday, September 18th. Guggenheim assumed coverage on Xenon Pharmaceuticals in a report on Tuesday. They issued a “buy” rating and a $73.00 price objective on the stock. Finally, Needham & Company LLC decreased their target price on Xenon Pharmaceuticals from $78.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, September 18th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.13.

Xenon Pharmaceuticals Price Performance

The firm has a market capitalization of $3.47 billion, a price-to-earnings ratio of -7.58 and a beta of 0.60. The firm has a 50 day moving average price of $55.75 and a 200-day moving average price of $56.92.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.11) EPS for the quarter, topping analysts’ consensus estimates of ($1.16) by $0.05. During the same period last year, the company earned ($1.07) EPS. Equities research analysts predict that Xenon Pharmaceuticals Inc. will post -4.7 earnings per share for the current year.

Insider Activity

In other news, CEO Ian Mortimer acquired 30,000 shares of the firm’s stock in a transaction dated Wednesday, September 30th. The stock was acquired at an average cost of $37.38 per share, with a total value of $1,121,400.00. Following the transaction, the chief executive officer owned 49,923 shares in the company, valued at approximately $1,866,121.74. This trade represents a 150.58% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Christopher Kenney sold 7,068 shares of the business’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $60.25, for a total transaction of $425,847.00. Following the transaction, the insider owned 2 shares of the company’s stock, valued at approximately $120.50. The trade was a 99.97% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.91% of the stock is currently owned by corporate insiders.

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 company. Tidal Investments LLC grew its position in shares of Xenon Pharmaceuticals by 33.1% during the second quarter. Tidal Investments LLC now owns 8,283 shares of the biopharmaceutical company’s stock worth $500,000 after acquiring an additional 2,058 shares during the last quarter. Engineers Gate Manager LP grew its position in Xenon Pharmaceuticals by 566.8% during the 2nd quarter. Engineers Gate Manager LP now owns 62,183 shares of the biopharmaceutical company’s stock worth $3,753,000 after purchasing an additional 52,857 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Xenon Pharmaceuticals in the second quarter valued at $6,813,000. Arizona State Retirement System increased its stake in Xenon Pharmaceuticals by 2.3% in the second quarter. Arizona State Retirement System now owns 22,382 shares of the biopharmaceutical company’s stock valued at $1,351,000 after purchasing an additional 513 shares during the period. Finally, Nykredit A S purchased a new stake in shares of Xenon Pharmaceuticals in the second quarter valued at about $67,000. Hedge funds and other institutional investors own 95.45% of the company’s stock.

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals Inc is a clinical-stage biopharmaceutical company focused on developing medicines for neurological and psychiatric disorders. The company uses research in ion channels and neuronal signaling to identify potential treatments for conditions with significant unmet medical needs.

Xenon’s lead investigational medicine is azetukalner, also known as XEN1101, a selective potassium channel opener being evaluated for epilepsy and major depressive disorder. The company is also advancing additional programs aimed at genetically defined epilepsies and other disorders of the central nervous system.