Xenon Pharmaceuticals (NASDAQ:XENE) Sees Unusually-High Trading Volume - Time to Buy?

Key Points

• Xenon Pharmaceuticals shares traded at about $39.90 on unusually high volume of 1.2 million shares, although volume declined 8% from the prior session.
• Analysts lowered several price targets, but sentiment remains positive overall: the stock has a “Moderate Buy” consensus rating and an average target of $70.93.
• Xenon reported quarterly EPS of -$1.11, beating expectations of -$1.16; the clinical-stage biopharmaceutical company is developing azetukalner for epilepsy and major depressive disorder.

Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report) shares saw unusually-strong trading volume on Monday . 1,197,154 shares traded hands during trading, a decline of 8% from the previous session's volume of 1,300,912 shares.The stock last traded at $39.9010 and had previously closed at $39.75.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. HC Wainwright restated a "buy" rating on shares of Xenon Pharmaceuticals in a research report on Friday. Robert W. Baird decreased their target price on Xenon Pharmaceuticals from $97.00 to $90.00 and set an "outperform" rating on the stock in a research report on Friday. Needham & Company LLC decreased their price target on shares of Xenon Pharmaceuticals from $78.00 to $60.00 and set a "buy" rating on the stock in a research note on Friday. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and issued a $46.00 target price (down from $90.00) on shares of Xenon Pharmaceuticals in a research report on Friday. Finally, Royal Bank Of Canada cut their price target on Xenon Pharmaceuticals from $81.00 to $70.00 and set an "outperform" rating on the stock in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $70.93.

Xenon Pharmaceuticals Price Performance

The business's 50 day simple moving average is $62.12 and its 200 day simple moving average is $58.05. The company has a market capitalization of $3.75 billion, a price-to-earnings ratio of -8.19 and a beta of 0.61.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last issued its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.11) EPS for the quarter, topping the consensus estimate of ($1.16) by $0.05. During the same quarter in the previous year, the business earned ($1.07) EPS. As a group, analysts expect that Xenon Pharmaceuticals Inc. will post -4.7 EPS for the current fiscal year.

Insider Buying and Selling at Xenon Pharmaceuticals

In other news, insider Christopher Kenney sold 7,068 shares of the firm's stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $60.25, for a total transaction of $425,847.00. Following the completion of the transaction, the insider directly owned 2 shares of the company's stock, valued at $120.50. This trade represents a 99.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Steven Gannon sold 10,000 shares of the business's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $64.06, for a total value of $640,600.00. Following the completion of the transaction, the director directly owned 1,870 shares of the company's stock, valued at approximately $119,792.20. This trade represents a 84.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 2.91% of the company's stock.

Institutional Trading of Xenon Pharmaceuticals

Several large investors have recently added to or reduced their stakes in XENE. Global Retirement Partners LLC purchased a new stake in shares of Xenon Pharmaceuticals during the 2nd quarter valued at about $53,000. Quantbot Technologies LP purchased a new position in Xenon Pharmaceuticals in the 2nd quarter worth approximately $57,000. Axiom Investment Management LLC acquired a new stake in Xenon Pharmaceuticals in the first quarter valued at approximately $58,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Xenon Pharmaceuticals in the second quarter valued at approximately $65,000. Finally, Rockefeller Capital Management L.P. raised its stake in shares of Xenon Pharmaceuticals by 450.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,100 shares of the biopharmaceutical company's stock valued at $49,000 after purchasing an additional 900 shares during the period. 95.45% of the stock is currently owned by institutional investors and hedge funds.

About Xenon Pharmaceuticals

Xenon Pharmaceuticals Inc NASDAQ: XENE is a clinical-stage biopharmaceutical company focused on developing medicines for neurological and psychiatric disorders. The company uses its expertise in ion channels, which regulate the electrical activity of nerve cells, to discover and advance potential treatments for conditions with significant unmet medical needs.

Xenon's leading investigational product is azetukalner (XEN1101), an oral, small-molecule potassium-channel opener being studied in epilepsy, including focal-onset seizures, and major depressive disorder.

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