BIT Capital GmbH Cuts Stock Position in Xenon Pharmaceuticals Inc. (NASDAQ:XENE)

Key Points

• BIT Capital GmbH reduced its stake in Xenon Pharmaceuticals by 67.8%, selling 36,576 shares during the 1st quarter, leaving it with 17,352 shares worth approximately $582,000.
• Xenon Pharmaceuticals received varied analyst ratings, with price targets ranging from $47 to $60, and a consensus price target of $54.82 indicating a "Moderate Buy" outlook.
• In its latest earnings report, the company beat expectations with revenue of $7.50 million and reported an EPS of ($0.83), beating estimates by $0.07.

BIT Capital GmbH reduced its position in shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Free Report) by 67.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 17,352 shares of the biopharmaceutical company's stock after selling 36,576 shares during the quarter. BIT Capital GmbH's holdings in Xenon Pharmaceuticals were worth $582,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Prudential Financial Inc. lifted its position in Xenon Pharmaceuticals by 177.7% in the fourth quarter. Prudential Financial Inc. now owns 39,000 shares of the biopharmaceutical company's stock worth $1,529,000 after buying an additional 24,956 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Xenon Pharmaceuticals by 38.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,356,895 shares of the biopharmaceutical company's stock worth $53,190,000 after buying an additional 380,112 shares during the last quarter. Northern Trust Corp lifted its position in Xenon Pharmaceuticals by 51.6% in the fourth quarter. Northern Trust Corp now owns 65,783 shares of the biopharmaceutical company's stock worth $2,579,000 after buying an additional 22,377 shares during the last quarter. Franklin Resources Inc. lifted its position in Xenon Pharmaceuticals by 1.7% in the fourth quarter. Franklin Resources Inc. now owns 575,590 shares of the biopharmaceutical company's stock worth $22,563,000 after buying an additional 9,675 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its position in Xenon Pharmaceuticals by 39.1% in the fourth quarter. Ameriprise Financial Inc. now owns 92,350 shares of the biopharmaceutical company's stock worth $3,620,000 after buying an additional 25,967 shares during the last quarter. 95.45% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on XENE shares. Needham & Company LLC reduced their target price 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. Royal Bank Of Canada reduced their target price on Xenon Pharmaceuticals from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Wells Fargo & Company cut their price target on Xenon Pharmaceuticals from $50.00 to $47.00 and set an "overweight" rating on the stock in a research note on Tuesday, May 13th. William Blair restated an "outperform" rating on shares of Xenon Pharmaceuticals in a research note on Monday, May 5th. Finally, The Goldman Sachs Group cut their price target on Xenon Pharmaceuticals from $60.00 to $52.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. One investment analyst has rated the stock with a sell rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $54.82.

Xenon Pharmaceuticals Stock Up 8.9%

Shares of Xenon Pharmaceuticals stock traded up $2.96 on Tuesday, reaching $36.12. 717,722 shares of the stock were exchanged, compared to its average volume of 878,228. Xenon Pharmaceuticals Inc. has a twelve month low of $26.74 and a twelve month high of $46.00. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of -11.13 and a beta of 1.16. The business has a 50 day moving average price of $31.58 and a two-hundred day moving average price of $34.24.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.90) by $0.07. The company had revenue of $7.50 million during the quarter, compared to analyst estimates of $1.64 million. During the same period in the previous year, the firm posted ($0.62) earnings per share. Research analysts forecast that Xenon Pharmaceuticals Inc. will post -3.1 EPS for the current 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.