Citigroup Lowers Xenon Pharmaceuticals (NASDAQ:XENE) Price Target to $60.00

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) had its target price dropped by equities researchers at Citigroup from $62.00 to $60.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the biopharmaceutical company's stock. Citigroup's price target would indicate a potential upside of 48.00% from the stock's current price.

Several other research analysts also recently commented on the stock. Royal Bank of Canada cut their price target on shares of Xenon Pharmaceuticals from $56.00 to $55.00 and set an "outperform" rating for the company in a report on Friday, March 1st. Needham & Company LLC restated a "buy" rating and set a $62.00 price objective on shares of Xenon Pharmaceuticals in a research report on Friday, April 12th. Wedbush lowered their price objective on shares of Xenon Pharmaceuticals from $51.00 to $50.00 and set an "outperform" rating on the stock in a research report on Friday. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $65.00 price objective on shares of Xenon Pharmaceuticals in a research report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Xenon Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus target price of $59.11.

Xenon Pharmaceuticals Price Performance

Shares of XENE stock traded down $1.95 on Friday, reaching $40.54. 527,882 shares of the company were exchanged, compared to its average volume of 390,433. The company has a market cap of $3.06 billion, a price-to-earnings ratio of -14.90 and a beta of 1.19. The company has a 50-day moving average of $42.87 and a 200-day moving average of $41.52. Xenon Pharmaceuticals has a one year low of $27.99 and a one year high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last posted its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.62) earnings per share for the quarter, topping analysts' consensus estimates of ($0.69) by $0.07. The business had revenue of $1.00 million during the quarter. Xenon Pharmaceuticals's revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.63) EPS. As a group, sell-side analysts predict that Xenon Pharmaceuticals will post -3.04 EPS for the current year.

Insider Buying and Selling at Xenon Pharmaceuticals

In related news, Director Steven Gannon sold 13,000 shares of the stock in a transaction on Thursday, March 7th. The shares were 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 of the company's stock, valued at $92,560. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Sherrington Robin sold 7,137 shares of the firm's stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $46.28, for a total transaction of $330,300.36. Following the completion of the sale, the executive vice president now directly owns 8,398 shares in the company, valued at $388,659.44. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Steven Gannon sold 13,000 shares of the firm's stock in a transaction dated 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 owns 2,000 shares of the company's stock, valued at $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

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Westfield Capital Management Co. LP boosted its stake in shares of Xenon Pharmaceuticals by 46.3% in the first quarter. Westfield Capital Management Co. LP now owns 347,351 shares of the biopharmaceutical company's stock valued at $14,953,000 after purchasing an additional 109,856 shares during the period. Lord Abbett & CO. LLC boosted its stake in shares of Xenon Pharmaceuticals by 24.7% in the first quarter. Lord Abbett & CO. LLC now owns 895,196 shares of the biopharmaceutical company's stock valued at $38,539,000 after purchasing an additional 177,224 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Xenon Pharmaceuticals during the first quarter worth approximately $17,941,000. Entropy Technologies LP acquired a new stake in Xenon Pharmaceuticals during the first quarter worth approximately $415,000. Finally, ProShare Advisors LLC raised its holdings in Xenon Pharmaceuticals by 12.0% during the first quarter. ProShare Advisors LLC now owns 5,286 shares of the biopharmaceutical company's stock worth $228,000 after purchasing an additional 565 shares in the last quarter. Hedge funds and other institutional investors own 95.45% of the company's stock.

Xenon Pharmaceuticals Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.