Needham & Company LLC Cuts Xenon Pharmaceuticals (NASDAQ:XENE) Price Target to $78.00

Key Points

• Needham cut its price target to $78 from $80 but maintained a "buy" rating, a level that implies roughly a 39.3% upside from the stock's current price.
• The analyst consensus remains positive with an average price target of $73, most analysts rating XENE as Buy/Strong Buy and individual targets ranging up to $100.
• Shares opened at $56 (down ~4.4%), the company has a $5.41B market cap and negative EPS, and insiders sold about 296,707 shares worth $17.8M over the last quarter (insiders own 4.07%).

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) had its price objective reduced by analysts at Needham & Company LLC from $80.00 to $78.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the biopharmaceutical company's stock. Needham & Company LLC's price target would suggest a potential upside of 39.29% from the stock's current price.

A number of other equities research analysts have also issued reports on XENE. Robert W. Baird lifted their target price on shares of Xenon Pharmaceuticals from $63.00 to $97.00 and gave the company an "outperform" rating in a research note on Monday, March 9th. Wells Fargo & Company lifted their target price on shares of Xenon Pharmaceuticals from $49.00 to $68.00 and gave the company an "overweight" rating in a research note on Tuesday, March 10th. Morgan Stanley set a $97.00 target price on shares of Xenon Pharmaceuticals in a research note on Monday, March 9th. Bank of America reissued a "buy" rating on shares of Xenon Pharmaceuticals in a research note on Monday, March 9th. Finally, Jefferies Financial Group set a $100.00 target price on shares of Xenon Pharmaceuticals in a research note on Monday, March 9th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $73.00.

Xenon Pharmaceuticals Stock Down 4.4%

Shares of NASDAQ:XENE opened at $56.00 on Friday. The firm has a fifty day moving average of $54.64 and a two-hundred day moving average of $46.62. The firm has a market capitalization of $5.41 billion, a P/E ratio of -12.84 and a beta of 0.65. Xenon Pharmaceuticals has a 12-month low of $28.19 and a 12-month high of $63.95.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last issued its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($1.17) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($1.17). During the same quarter last year, the business posted ($0.83) EPS. Equities research analysts expect that Xenon Pharmaceuticals will post -4.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Xenon Pharmaceuticals news, insider Christopher John Kenney sold 1,410 shares of the business's stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $55.23, for a total value of $77,874.30. Following the completion of the sale, the insider owned 7,069 shares of the company's stock, valued at $390,420.87. The trade was a 16.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Andrea Difabio sold 1,342 shares of the business's stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $55.23, for a total value of $74,118.66. Following the completion of the sale, the insider directly owned 7,301 shares of the company's stock, valued at $403,234.23. This represents a 15.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 296,707 shares of company stock valued at $17,845,365 over the last quarter. Insiders own 4.07% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of XENE. Danske Bank A S acquired a new position in Xenon Pharmaceuticals in the 3rd quarter valued at $32,000. Blue Trust Inc. grew its stake in Xenon Pharmaceuticals by 2,560.7% in the 4th quarter. Blue Trust Inc. now owns 745 shares of the biopharmaceutical company's stock valued at $33,000 after buying an additional 717 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Xenon Pharmaceuticals in the 4th quarter valued at $33,000. Aster Capital Management DIFC Ltd acquired a new position in Xenon Pharmaceuticals in the 3rd quarter valued at $39,000. Finally, Osaic Holdings Inc. grew its stake in Xenon Pharmaceuticals by 541.4% in the 2nd quarter. Osaic Holdings Inc. now owns 1,225 shares of the biopharmaceutical company's stock valued at $40,000 after buying an additional 1,034 shares during the last quarter. 95.45% of the stock is currently owned by institutional investors and hedge funds.

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals Inc is a clinical‐stage biopharmaceutical company dedicated to discovering and developing novel, small‐molecule drugs targeting ion channels in the central and peripheral nervous system. The company's research focus centers on neurological and pain disorders—including epilepsy, migraine, and neuropathic pain—by modulating key ion‐channel proteins to restore normal neuronal function. Xenon's scientific platform draws upon advances in ion‐channel biology and structure‐based drug design to identify and optimize therapeutic candidates with the potential for improved safety and efficacy profiles compared with existing treatments.

The company's pipeline comprises multiple preclinical and clinical programs.

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