Lord Abbett & CO. LLC Has $2.95 Million Stock Holdings in 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 holdings in Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Free Report) by 54.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor 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 filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Geode Capital Management LLC increased its stake in shares of Xenon Pharmaceuticals by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 69,529 shares of the biopharmaceutical company's stock valued at $2,726,000 after buying an additional 720 shares during the period. Raymond James Financial Inc. bought a new stake in Xenon Pharmaceuticals during the 4th quarter worth about $797,000. Barclays PLC raised its holdings in Xenon Pharmaceuticals by 20.9% during the 4th quarter. Barclays PLC now owns 18,127 shares of the biopharmaceutical company's stock worth $711,000 after purchasing an additional 3,134 shares during the last quarter. XTX Topco Ltd acquired a new position in Xenon Pharmaceuticals during the 4th quarter valued at about $316,000. Finally, J. Safra Sarasin Holding AG bought a new position in shares of Xenon Pharmaceuticals in the 4th quarter valued at about $697,000. 95.45% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Wedbush boosted their price target on shares of Xenon Pharmaceuticals from $42.00 to $43.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Wells Fargo & Company dropped their target price on shares of Xenon Pharmaceuticals from $50.00 to $47.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Wall Street Zen lowered Xenon Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. HC Wainwright reiterated a "buy" rating and issued a $53.00 price objective on shares of Xenon Pharmaceuticals in a report on Tuesday, May 13th. Finally, Chardan Capital reissued a "buy" rating and issued a $55.00 target price on shares of Xenon Pharmaceuticals in a research note on Tuesday, August 12th. Eleven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Xenon Pharmaceuticals presently has a consensus rating of "Buy" and an average target price of $53.20.

Xenon Pharmaceuticals Trading Up 1.5%

Shares of NASDAQ:XENE traded up $0.5650 during trading on Thursday, hitting $38.2050. 570,681 shares of the company's stock traded hands, compared to its average volume of 894,500. The company has a 50-day moving average price of $32.93 and a 200-day moving average price of $34.01. Xenon Pharmaceuticals Inc. has a 52 week low of $26.74 and a 52 week high of $46.00. The company has a market cap of $2.95 billion, a price-to-earnings ratio of -10.75 and a beta of 1.16.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last announced its 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 previous year, the business posted ($0.75) EPS. On average, analysts predict that Xenon Pharmaceuticals Inc. will post -3.1 earnings per share 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.