Xenon Pharmaceuticals (NASDAQ:XENE) Sets New 1-Year Low - Here's Why

Key Points

• Xenon Pharmaceuticals shares fell to a new 52-week low of $36.02, well below their 50-day and 200-day moving averages of $55.75 and $56.92, respectively.
• Analyst sentiment remains broadly positive despite reduced price targets: MarketBeat reports a “Moderate Buy” consensus and an average target of $69.13, compared with the stock’s recent price near $36.
• The company exceeded quarterly EPS expectations, while CFO Thomas Kelly purchased $559,800 worth of shares; however, Xenon remains unprofitable, with analysts projecting a full-year loss of approximately $4.70 per share.

Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report)'s share price hit a new 52-week low on Tuesday. The company traded as low as $36.02 and last traded at $35.9350, with a volume of 842359 shares traded. The stock had previously closed at $37.57.

Analyst Upgrades and Downgrades

XENE has been the topic of a number of analyst reports. HC Wainwright restated a "buy" rating on shares of Xenon Pharmaceuticals in a research report on Friday, September 18th. Robert W. Baird lowered their price target on Xenon Pharmaceuticals from $97.00 to $90.00 and set an "outperform" rating on the stock in a research report on Friday, September 18th. Weiss Ratings reissued a "sell (d-)" rating on shares of Xenon Pharmaceuticals in a report on Friday. Needham & Company LLC reduced their target price on Xenon Pharmaceuticals from $78.00 to $60.00 and set a "buy" rating for the company in a research note on Friday, September 18th. Finally, Guggenheim began coverage on Xenon Pharmaceuticals in a research report on Tuesday. They set a "buy" rating and a $73.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Xenon Pharmaceuticals has a consensus rating of "Moderate Buy" and an average price target of $69.13.

Xenon Pharmaceuticals Stock Performance

The company has a 50 day simple moving average of $55.75 and a 200 day simple moving average of $56.92. The company has a market capitalization of $3.47 billion, a PE ratio of -7.58 and a beta of 0.60.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.11) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.16) by $0.05. During the same period last year, the business earned ($1.07) earnings per share. As a group, equities research analysts anticipate that Xenon Pharmaceuticals Inc. will post -4.7 EPS for the current year.

Insider Buying and Selling at Xenon Pharmaceuticals

In other Xenon Pharmaceuticals news, Director Steven Gannon sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $64.06, for a total value of $640,600.00. Following the transaction, the director directly owned 1,870 shares of the company's stock, valued at $119,792.20. This trade represents a 84.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Thomas Patrick Kelly purchased 15,000 shares of the company's stock in a transaction dated Wednesday, September 30th. The stock was bought at an average price of $37.32 per share, with a total value of $559,800.00. Following the completion of the transaction, the chief financial officer directly owned 15,000 shares of the company's stock, valued at approximately $559,800. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 2.91% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Xenon Pharmaceuticals in the second quarter valued at about $454,057,000. Avoro Capital Advisors LLC boosted its holdings in Xenon Pharmaceuticals by 0.5% in the 4th quarter. Avoro Capital Advisors LLC now owns 5,424,444 shares of the biopharmaceutical company's stock valued at $243,124,000 after purchasing an additional 24,444 shares during the last quarter. Jupiter Topco LLC purchased a new stake in shares of Xenon Pharmaceuticals in the 2nd quarter valued at approximately $252,673,000. Janus Henderson Group PLC grew its stake in shares of Xenon Pharmaceuticals by 2.3% in the 1st quarter. Janus Henderson Group PLC now owns 4,175,982 shares of the biopharmaceutical company's stock valued at $242,858,000 after buying an additional 91,948 shares during the period. Finally, Capital International Investors increased its holdings in shares of Xenon Pharmaceuticals by 7.3% during the 4th quarter. Capital International Investors now owns 3,414,959 shares of the biopharmaceutical company's stock worth $153,058,000 after buying an additional 233,466 shares during the last quarter. Hedge funds and other institutional investors own 95.45% of the company's stock.

About Xenon Pharmaceuticals

Xenon Pharmaceuticals Inc is a clinical-stage biopharmaceutical company focused on developing medicines for neurological and psychiatric disorders. The company uses research in ion channels and neuronal signaling to identify potential treatments for conditions with significant unmet medical needs.

Xenon's lead investigational medicine is azetukalner, also known as XEN1101, a selective potassium channel opener being evaluated for epilepsy and major depressive disorder. The company is also advancing additional programs aimed at genetically defined epilepsies and other disorders of the central nervous system.

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