Alliancebernstein L.P. Sells 113,794 Shares of Xenon Pharmaceuticals Inc. $XENE

Key Points

• Alliancebernstein L.P. has reduced its stake in Xenon Pharmaceuticals Inc. by 7.9%, now holding approximately 1.74% of the company, valued at $44.6 million.
• Other hedge funds are active in XENE's stock, with Vestal Point Capital LP increasing its holdings by 60.5% in the first quarter.
• Analysts have mixed opinions on the stock, with Needham & Company LLC lowering their price target from $60 to $55 while maintaining a "buy" rating, contributing to a consensus rating of "Buy" with an average price target of $53.30.

Alliancebernstein L.P. lowered its position in shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Free Report) by 7.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,329,386 shares of the biopharmaceutical company's stock after selling 113,794 shares during the period. Alliancebernstein L.P. owned 1.74% of Xenon Pharmaceuticals worth $44,601,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in XENE. Vestal Point Capital LP increased its stake in shares of Xenon Pharmaceuticals by 60.5% during the first quarter. Vestal Point Capital LP now owns 1,300,000 shares of the biopharmaceutical company's stock worth $43,615,000 after purchasing an additional 490,000 shares during the period. Stempoint Capital LP bought a new position in shares of Xenon Pharmaceuticals during the fourth quarter worth approximately $14,733,000. Janus Henderson Group PLC increased its stake in shares of Xenon Pharmaceuticals by 12.3% during the fourth quarter. Janus Henderson Group PLC now owns 2,866,755 shares of the biopharmaceutical company's stock worth $112,425,000 after purchasing an additional 314,363 shares during the period. Polar Capital Holdings Plc increased its stake in shares of Xenon Pharmaceuticals by 10.3% during the fourth quarter. Polar Capital Holdings Plc now owns 2,697,657 shares of the biopharmaceutical company's stock worth $105,748,000 after purchasing an additional 253,012 shares during the period. Finally, Westfield Capital Management Co. LP increased its stake in shares of Xenon Pharmaceuticals by 20.2% during the first quarter. Westfield Capital Management Co. LP now owns 1,391,370 shares of the biopharmaceutical company's stock worth $46,680,000 after purchasing an additional 234,181 shares during the period. Institutional investors own 95.45% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on XENE shares. Royal Bank Of Canada reiterated an "outperform" rating and set a $55.00 target price on shares of Xenon Pharmaceuticals in a research note on Tuesday, September 2nd. Evercore ISI initiated coverage on Xenon Pharmaceuticals in a research note on Wednesday, May 14th. They set an "outperform" rating and a $55.00 price objective on the stock. Chardan Capital restated a "buy" rating and set a $55.00 price objective on shares of Xenon Pharmaceuticals in a research note on Tuesday, August 12th. Wells Fargo & Company initiated coverage on Xenon Pharmaceuticals in a research note on Wednesday, September 3rd. They set an "overweight" rating and a $48.00 price objective on the stock. Finally, Needham & Company LLC lowered their price objective on Xenon Pharmaceuticals from $60.00 to $55.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $53.30.

Xenon Pharmaceuticals Stock Down 1.8%

Shares of XENE stock traded down $0.68 during trading hours on Tuesday, reaching $37.51. The company's stock had a trading volume of 666,611 shares, compared to its average volume of 772,825. The firm's 50 day simple moving average is $34.77 and its 200-day simple moving average is $33.90. The company has a market capitalization of $2.89 billion, a price-to-earnings ratio of -10.57 and a beta of 1.17. Xenon Pharmaceuticals Inc. has a fifty-two week low of $26.74 and a fifty-two week high of $46.00.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last issued its earnings results on Monday, August 11th. The biopharmaceutical company reported ($1.07) earnings per share for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.04). During the same quarter in the previous year, the business earned ($0.75) earnings per share. Sell-side analysts predict that Xenon Pharmaceuticals Inc. will post -3.1 earnings per share for the current year.

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.