Jennison Associates LLC Sells 24,860 Shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE)

Jennison Associates LLC decreased its stake in shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Free Report) by 3.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 776,693 shares of the biopharmaceutical company's stock after selling 24,860 shares during the quarter. Jennison Associates LLC owned 1.01% of Xenon Pharmaceuticals worth $26,058,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in XENE. New York State Common Retirement Fund increased its stake in Xenon Pharmaceuticals by 7.4% in the first quarter. New York State Common Retirement Fund now owns 142,372 shares of the biopharmaceutical company's stock valued at $4,777,000 after acquiring an additional 9,851 shares during the period. Mutual of America Capital Management LLC bought a new stake in Xenon Pharmaceuticals in the first quarter valued at about $1,636,000. Bank of New York Mellon Corp increased its stake in Xenon Pharmaceuticals by 439.0% in the first quarter. Bank of New York Mellon Corp now owns 251,147 shares of the biopharmaceutical company's stock valued at $8,426,000 after acquiring an additional 204,550 shares during the period. GF Fund Management CO. LTD. increased its stake in Xenon Pharmaceuticals by 21.9% in the first quarter. GF Fund Management CO. LTD. now owns 1,952 shares of the biopharmaceutical company's stock valued at $65,000 after acquiring an additional 351 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in Xenon Pharmaceuticals by 1.1% in the first quarter. Assenagon Asset Management S.A. now owns 241,206 shares of the biopharmaceutical company's stock valued at $8,092,000 after acquiring an additional 2,684 shares during the period. Institutional investors own 95.45% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Wells Fargo & Company dropped their price objective on shares of Xenon Pharmaceuticals from $50.00 to $47.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. The Goldman Sachs Group dropped their price objective on shares of Xenon Pharmaceuticals from $60.00 to $52.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Needham & Company LLC dropped their price objective on shares of Xenon Pharmaceuticals from $60.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Evercore ISI assumed coverage on shares of Xenon Pharmaceuticals in a report on Wednesday, May 14th. They set an "outperform" rating and a $55.00 price objective for the company. Finally, Wall Street Zen lowered shares of Xenon Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $54.82.

Xenon Pharmaceuticals Stock Performance

Shares of NASDAQ:XENE opened at $31.59 on Friday. Xenon Pharmaceuticals Inc. has a 52 week low of $26.74 and a 52 week high of $46.00. The company has a market capitalization of $2.42 billion, a PE ratio of -9.78 and a beta of 1.10. The company has a 50 day moving average price of $31.50 and a two-hundred day moving average price of $34.93.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.90) by $0.07. The company had revenue of $7.50 million for the quarter, compared to the consensus estimate of $1.64 million. During the same period in the prior year, the company earned ($0.62) EPS. On average, sell-side analysts forecast that Xenon Pharmaceuticals Inc. will post -3.1 earnings per share for the current year.

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.

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