Lord Abbett & CO. LLC Sells 106,990 Shares of Xenon Pharmaceuticals Inc. $XENE

Key Points

• Lord Abbett & CO. LLC has reduced its shares in Xenon Pharmaceuticals Inc. by 54.9%, selling 106,990 shares and bringing its ownership down to 87,981 shares valued at approximately $2.95 million.
• Other institutional investors are showing interest, with Boxer Capital Management LLC and Stempoint Capital LP purchasing new stakes worth approximately $23.5 million and $14.7 million, respectively, in the fourth quarter.
• Analyst ratings for Xenon include a mix, with some firms lowering price targets or downgrading the stock, while others maintain a "buy" rating and suggest an average target price of $53.20.

Lord Abbett & CO. LLC lowered its position in Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Free Report) by 54.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 87,981 shares of the biopharmaceutical company's stock after selling 106,990 shares during the quarter. Lord Abbett & CO. LLC owned about 0.11% of Xenon Pharmaceuticals worth $2,952,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in XENE. Caitong International Asset Management Co. Ltd purchased a new stake in Xenon Pharmaceuticals in the 1st quarter worth about $30,000. GF Fund Management CO. LTD. purchased a new position in Xenon Pharmaceuticals during the 4th quarter valued at about $63,000. Quarry LP bought a new stake in shares of Xenon Pharmaceuticals during the fourth quarter valued at about $78,000. Vident Advisory LLC bought a new stake in shares of Xenon Pharmaceuticals during the fourth quarter valued at about $212,000. Finally, Tema Etfs LLC bought a new stake in shares of Xenon Pharmaceuticals during the fourth quarter valued at about $240,000. Hedge funds and other institutional investors own 95.45% of the company's stock.

Xenon Pharmaceuticals Stock Performance

XENE traded up $0.9220 during midday trading on Friday, hitting $39.1020. The stock had a trading volume of 692,260 shares, compared to its average volume of 894,252. The company has a market cap of $3.01 billion, a P/E ratio of -11.01 and a beta of 1.16. The business has a fifty day moving average of $33.04 and a 200 day moving average of $34.00. 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 issued its earnings results on Monday, August 11th. The biopharmaceutical company reported ($1.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.04). During the same period last year, the firm earned ($0.75) earnings per share. On average, equities research analysts anticipate that Xenon Pharmaceuticals Inc. will post -3.1 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Wedbush upped their price target on Xenon Pharmaceuticals from $42.00 to $43.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Wall Street Zen cut Xenon Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Chardan Capital reissued a "buy" rating and set a $55.00 price objective on shares of Xenon Pharmaceuticals in a report on Tuesday, August 12th. Royal Bank Of Canada cut their price objective on Xenon Pharmaceuticals from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Tuesday, August 12th. Finally, Needham & Company LLC cut their price objective on Xenon Pharmaceuticals from $60.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. Eleven analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $53.20.

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.