Xenon Pharmaceuticals (NASDAQ:XENE) Cut to "Strong Sell" at Wall Street Zen

Key Points

• Wall Street Zen downgraded Xenon Pharmaceuticals to “Strong Sell”, despite the broader analyst consensus remaining “Moderate Buy” with a $70.14 price target.
• XENE shares opened at $36.44, near their one-year low of $35.06 and well below the 50-day and 200-day moving averages. The company reported a quarterly loss of $1.11 per share, beating estimates by $0.05.
• Company insiders showed confidence by purchasing a combined 45,000 shares, while institutional investors own 95.45% of the stock.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a note issued to investors on Sunday, Wall Street Zen reports.

XENE has been the topic of a number of other research reports. Royal Bank Of Canada cut their price objective on shares of Xenon Pharmaceuticals from $81.00 to $70.00 and set an "outperform" rating on the stock in a research report on Friday, September 18th. HC Wainwright reaffirmed a "buy" rating on shares of Xenon Pharmaceuticals in a research report on Friday, September 18th. Needham & Company LLC dropped their target price on shares of Xenon Pharmaceuticals from $78.00 to $60.00 and set a "buy" rating on the stock in a research note on Friday, September 18th. Guggenheim initiated coverage on Xenon Pharmaceuticals in a research report on Tuesday, October 6th. They set a "buy" rating and a $73.00 price target on the stock. Finally, Wells Fargo & Company reduced their price objective on shares of Xenon Pharmaceuticals from $69.00 to $64.00 and set an "overweight" rating for the company in a research note on Friday, September 18th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $70.14.

Xenon Pharmaceuticals Trading Up 0.8%

Shares of XENE opened at $36.44 on Friday. The stock has a market cap of $3.52 billion, a PE ratio of -7.69 and a beta of 0.60. The stock has a 50 day simple moving average of $53.57 and a 200-day simple moving average of $56.38. Xenon Pharmaceuticals has a 1 year low of $35.06 and a 1 year high of $72.66.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.11) earnings per share for the quarter, beating the consensus estimate of ($1.16) by $0.05. During the same period last year, the business earned ($1.07) earnings per share. On average, sell-side analysts forecast that Xenon Pharmaceuticals will post -4.70 EPS for the current fiscal year.

Insider Activity

In related news, CEO Ian Mortimer acquired 30,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 30th. The stock was bought at an average price of $37.38 per share, for a total transaction of $1,121,400.00. Following the acquisition, the chief executive officer directly owned 49,923 shares of the company's stock, valued at $1,866,121.74. This represents a 150.58% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Thomas Patrick Kelly purchased 15,000 shares of the company's stock in a transaction dated Wednesday, September 30th. The shares were purchased at an average cost of $37.32 per share, for a total transaction of $559,800.00. Following the transaction, the chief financial officer directly owned 15,000 shares in the company, valued at approximately $559,800. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. 2.91% of the stock is owned by company insiders.

Institutional Trading of Xenon Pharmaceuticals

Institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC lifted its stake in Xenon Pharmaceuticals by 60.2% during the 3rd quarter. GAMMA Investing LLC now owns 830 shares of the biopharmaceutical company's stock valued at $31,000 after acquiring an additional 312 shares during the period. Rockefeller Capital Management L.P. grew its holdings in shares of Xenon Pharmaceuticals by 450.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,100 shares of the biopharmaceutical company's stock worth $49,000 after buying an additional 900 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in shares of Xenon Pharmaceuticals in the second quarter valued at approximately $53,000. Caitong International Asset Management Co. Ltd acquired a new position in Xenon Pharmaceuticals in the 4th quarter valued at about $55,000. Finally, Quantbot Technologies LP purchased a new stake in Xenon Pharmaceuticals in the second quarter valued at $57,000. Institutional investors and hedge funds 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.

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