Xenon Pharmaceuticals (NASDAQ:XENE) Shares Gap Down Following Analyst Downgrade

Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report) gapped down prior to trading on Friday after Citigroup lowered their price target on the stock from $62.00 to $60.00. The stock had previously closed at $42.49, but opened at $40.76. Citigroup currently has a buy rating on the stock. Xenon Pharmaceuticals shares last traded at $42.48, with a volume of 70,726 shares trading hands.

A number of other research firms have also recently weighed in on XENE. Wedbush lowered their price target on shares of Xenon Pharmaceuticals from $51.00 to $50.00 and set an "outperform" rating on the stock in a report on Friday. Needham & Company LLC reaffirmed a "buy" rating and issued a $62.00 price target on shares of Xenon Pharmaceuticals in a report on Friday, April 12th. Cantor Fitzgerald reiterated an "overweight" rating and set a $65.00 price objective on shares of Xenon Pharmaceuticals in a report on Wednesday, April 10th. Finally, Royal Bank of Canada reduced their target price on Xenon Pharmaceuticals from $56.00 to $55.00 and set an "outperform" rating on the stock in a research report on Friday, March 1st. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to data from MarketBeat, Xenon Pharmaceuticals presently has an average rating of "Moderate Buy" and an average price target of $59.11.

Insider Buying and Selling

In related news, Director Steven Gannon sold 13,000 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $46.28, for a total value of $601,640.00. Following the transaction, the director now owns 2,000 shares in the company, valued at approximately $92,560. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Sherrington Robin sold 7,137 shares of the firm's stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $46.28, for a total transaction of $330,300.36. Following the sale, the executive vice president now owns 8,398 shares of the company's stock, valued at approximately $388,659.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Steven Gannon sold 13,000 shares of the firm's stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $46.28, for a total transaction of $601,640.00. Following the sale, the director now directly owns 2,000 shares in the company, valued at approximately $92,560. The disclosure for this sale can be found here. 5.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in XENE. Wellington Management Group LLP lifted its position in shares of Xenon Pharmaceuticals by 140.9% during the 4th quarter. Wellington Management Group LLP now owns 4,162,654 shares of the biopharmaceutical company's stock valued at $191,732,000 after buying an additional 2,434,546 shares in the last quarter. First Light Asset Management LLC lifted its holdings in Xenon Pharmaceuticals by 173.3% in the 4th quarter. First Light Asset Management LLC now owns 1,645,490 shares of the biopharmaceutical company's stock valued at $75,791,000 after purchasing an additional 1,043,420 shares in the last quarter. Avoro Capital Advisors LLC lifted its holdings in Xenon Pharmaceuticals by 15.6% in the 4th quarter. Avoro Capital Advisors LLC now owns 5,666,666 shares of the biopharmaceutical company's stock valued at $261,007,000 after purchasing an additional 766,666 shares in the last quarter. First Turn Management LLC purchased a new position in Xenon Pharmaceuticals in the 4th quarter valued at $31,339,000. Finally, Avidity Partners Management LP lifted its holdings in Xenon Pharmaceuticals by 153.9% in the 4th quarter. Avidity Partners Management LP now owns 815,993 shares of the biopharmaceutical company's stock valued at $37,585,000 after purchasing an additional 494,593 shares in the last quarter. Hedge funds and other institutional investors own 95.45% of the company's stock.

Xenon Pharmaceuticals Trading Down 4.6 %

The business has a fifty day simple moving average of $42.75 and a two-hundred day simple moving average of $41.57. The company has a market cap of $3.06 billion, a PE ratio of -14.90 and a beta of 1.19.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last posted its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.62) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.07. The company had revenue of $1.00 million for the quarter. During the same quarter in the previous year, the company posted ($0.63) EPS. The firm's revenue for the quarter was up .0% on a year-over-year basis. Equities analysts expect that Xenon Pharmaceuticals Inc. will post -3.04 EPS for the current year.

About Xenon Pharmaceuticals

Xenon Pharmaceuticals Inc, a clinical-stage biopharmaceutical company, engages in developing therapeutics to treat patients with neurological disorders in Canada. Its clinical development pipeline includes XEN496, a Kv7 potassium channel opener that is Phase III clinical trials for the treatment of KCNQ2 developmental and epileptic encephalopathy; and XEN1101, a Kv7 potassium channel opener, which is in Phase II clinical trial for the treatment of epilepsy and other neurological disorders.