Alliancebernstein L.P. Cuts Stock Position in 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 holdings in shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Free Report) by 7.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,329,386 shares of the biopharmaceutical company's stock after selling 113,794 shares during the period. Alliancebernstein L.P. owned about 1.74% of Xenon Pharmaceuticals worth $44,601,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Vestal Point Capital LP raised its holdings in shares of Xenon Pharmaceuticals by 60.5% in the first quarter. Vestal Point Capital LP now owns 1,300,000 shares of the biopharmaceutical company's stock worth $43,615,000 after acquiring an additional 490,000 shares during the last quarter. Stempoint Capital LP acquired a new position in Xenon Pharmaceuticals in the 4th quarter valued at about $14,733,000. Janus Henderson Group PLC raised its stake in Xenon Pharmaceuticals by 12.3% in the 4th quarter. Janus Henderson Group PLC now owns 2,866,755 shares of the biopharmaceutical company's stock valued at $112,425,000 after purchasing an additional 314,363 shares during the last quarter. Polar Capital Holdings Plc raised its stake in Xenon Pharmaceuticals by 10.3% in the 4th quarter. Polar Capital Holdings Plc now owns 2,697,657 shares of the biopharmaceutical company's stock valued at $105,748,000 after purchasing an additional 253,012 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its stake in Xenon Pharmaceuticals by 20.2% in the 1st quarter. Westfield Capital Management Co. LP now owns 1,391,370 shares of the biopharmaceutical company's stock valued at $46,680,000 after purchasing an additional 234,181 shares during the last quarter. 95.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on XENE. Wall Street Zen lowered shares of Xenon Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Chardan Capital reiterated a "buy" rating and issued a $55.00 price target on shares of Xenon Pharmaceuticals in a report on Tuesday, August 12th. Wedbush boosted their price target on Xenon Pharmaceuticals from $42.00 to $43.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. Wells Fargo & Company started coverage on Xenon Pharmaceuticals in a report on Wednesday, September 3rd. They issued an "overweight" rating and a $48.00 price target for the company. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $55.00 target price on shares of Xenon Pharmaceuticals in a research note on Tuesday, September 2nd. Eleven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Xenon Pharmaceuticals has an average rating of "Buy" and a consensus target price of $53.30.

Xenon Pharmaceuticals Stock Down 1.9%

Shares of XENE stock traded down $0.69 on Friday, reaching $36.53. 180,799 shares of the stock were exchanged, compared to its average volume of 871,313. The stock has a market cap of $2.82 billion, a P/E ratio of -10.27 and a beta of 1.17. The firm has a 50 day moving average of $34.89 and a two-hundred day moving average of $33.92. Xenon Pharmaceuticals Inc. has a 1-year low of $26.74 and a 1-year high of $46.00.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The biopharmaceutical company reported ($1.07) EPS for the quarter, missing the consensus estimate of ($1.03) by ($0.04). During the same period in the prior year, the business posted ($0.75) earnings per share. On average, equities research analysts predict that Xenon Pharmaceuticals Inc. will post -3.1 EPS for the current fiscal year.

Xenon Pharmaceuticals 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.