Investors Buy High Volume of Xenon Pharmaceuticals Put Options (NASDAQ:XENE)

Key Points

• Investors have significantly increased their interest in Xenon Pharmaceuticals by purchasing 4,063 put options, a rise of 2,362% from the usual volume.
• Analysts remain optimistic about Xenon Pharmaceuticals, with eleven investment firms rating the stock as a "Buy" and a consensus target price of $53.30.
• Xenon Pharmaceuticals reported a loss of $1.07 per share for the last quarter, falling short of the consensus estimate by $0.04.

Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report) was the recipient of unusually large options trading on Wednesday. Stock investors bought 4,063 put options on the stock. Thisrepresentsanincreaseof2,362% compared to the typical volume of 165 put options.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on XENE. Evercore ISI began coverage on Xenon Pharmaceuticals in a report on Wednesday, May 14th. They issued an "outperform" rating and a $55.00 price objective on the stock. Wedbush increased their target price on shares of Xenon Pharmaceuticals from $42.00 to $43.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Wells Fargo & Company assumed coverage on shares of Xenon Pharmaceuticals in a research note on Wednesday. They issued an "overweight" rating and a $48.00 price target on the stock. Chardan Capital restated a "buy" rating and set a $55.00 price target on shares of Xenon Pharmaceuticals in a research report on Tuesday, August 12th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $53.00 price objective on shares of Xenon Pharmaceuticals in a research note on Tuesday, May 13th. Eleven investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $53.30.

Xenon Pharmaceuticals Trading Down 1.2%

Xenon Pharmaceuticals stock opened at $38.83 on Thursday. The company has a 50-day moving average price of $34.26 and a 200 day moving average price of $33.96. Xenon Pharmaceuticals has a 12-month low of $26.74 and a 12-month high of $46.00. The stock has a market cap of $2.99 billion, a P/E ratio of -10.94 and a beta of 1.17.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last posted its earnings results on Monday, August 11th. The biopharmaceutical company reported ($1.07) earnings per share for the quarter, missing the consensus estimate of ($1.03) by ($0.04). During the same quarter in the prior year, the business posted ($0.75) EPS. As a group, analysts forecast that Xenon Pharmaceuticals will post -3.1 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. L1 Capital Pty Ltd acquired a new stake in Xenon Pharmaceuticals during the second quarter worth $41,000. Tower Research Capital LLC TRC grew its holdings in shares of Xenon Pharmaceuticals by 10,614.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,357 shares of the biopharmaceutical company's stock worth $168,000 after purchasing an additional 5,307 shares during the period. Soleus Capital Management L.P. acquired a new stake in shares of Xenon Pharmaceuticals during the 2nd quarter worth about $2,466,000. Vestal Point Capital LP increased its position in shares of Xenon Pharmaceuticals by 53.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,000,000 shares of the biopharmaceutical company's stock worth $62,600,000 after purchasing an additional 700,000 shares during the last quarter. Finally, Oxford Asset Management LLP raised its holdings in Xenon Pharmaceuticals by 242.4% in the 2nd quarter. Oxford Asset Management LLP now owns 21,138 shares of the biopharmaceutical company's stock valued at $662,000 after buying an additional 14,964 shares during the period. 95.45% of the stock is currently owned by hedge funds and other institutional investors.

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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