Xenon Pharmaceuticals (NASDAQ:XENE) Shares Up 5.2% Following Insider Buying Activity

Key Points

• Xenon Pharmaceuticals shares rose 5.2% to about $39.14 after CEO Ian Mortimer bought 30,000 shares for $1.12 million and CFO Thomas Kelly purchased 15,000 shares for $559,800.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $70.27, although several firms recently reduced their targets.
• The clinical-stage biopharmaceutical company reported a quarterly loss of $1.11 per share, slightly better than estimates, while institutional investors own approximately 95.45% of its stock.

Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report) shot up 5.2% on Thursday following insider buying activity. The company traded as high as $39.92 and last traded at $39.1350. 975,245 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 1,366,910 shares. The stock had previously closed at $37.19.

Specifically, CEO Ian Mortimer acquired 30,000 shares of the business's stock in a transaction dated Wednesday, September 30th. The stock was purchased at an average cost of $37.38 per share, for a total transaction of $1,121,400.00. Following the acquisition, the chief executive officer owned 49,923 shares of the company's stock, valued at $1,866,121.74. This trade represents a 150.58% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Thomas Patrick Kelly acquired 15,000 shares of the firm's stock in a transaction dated Wednesday, September 30th. The stock was bought at an average price of $37.32 per share, for a total transaction of $559,800.00. Following the acquisition, the chief financial officer owned 15,000 shares of the company's stock, valued at approximately $559,800. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on XENE shares. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $46.00 target price (down from $90.00) on shares of Xenon Pharmaceuticals in a research note on Friday, September 18th. Robert W. Baird cut their price target on shares of Xenon Pharmaceuticals from $97.00 to $90.00 and set an "outperform" rating on the stock in a report on Friday, September 18th. Wedbush reduced their price target on shares of Xenon Pharmaceuticals from $71.00 to $55.00 and set an "outperform" rating on the stock in a research report on Friday, September 18th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Xenon Pharmaceuticals in a research note on Monday, July 6th. Finally, Wells Fargo & Company decreased their target price on shares of Xenon Pharmaceuticals from $69.00 to $64.00 and set an "overweight" rating for the company in a research note on Friday, September 18th. Two 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 given a Sell rating to the company's stock. Based on data from MarketBeat.com, Xenon Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $70.27.

Xenon Pharmaceuticals Price Performance

The firm has a market capitalization of $3.77 billion, a P/E ratio of -8.23 and a beta of 0.61. The company's 50-day simple moving average is $57.39 and its two-hundred day simple moving average is $57.27.

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

Hedge Funds Weigh In On Xenon Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. Tidal Investments LLC increased its stake in shares of Xenon Pharmaceuticals by 33.1% in the second quarter. Tidal Investments LLC now owns 8,283 shares of the biopharmaceutical company's stock worth $500,000 after purchasing an additional 2,058 shares in the last quarter. Engineers Gate Manager LP raised its position in shares of Xenon Pharmaceuticals by 566.8% during the 2nd quarter. Engineers Gate Manager LP now owns 62,183 shares of the biopharmaceutical company's stock valued at $3,753,000 after purchasing an additional 52,857 shares during the period. Squarepoint Ops LLC purchased a new position in shares of Xenon Pharmaceuticals during the 2nd quarter valued at $6,813,000. Arizona State Retirement System lifted its stake in shares of Xenon Pharmaceuticals by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 22,382 shares of the biopharmaceutical company's stock valued at $1,351,000 after buying an additional 513 shares in the last quarter. Finally, Nykredit A S bought a new position in Xenon Pharmaceuticals in the 2nd quarter worth $67,000. Hedge funds and other institutional investors own 95.45% of the company's stock.

Xenon Pharmaceuticals Company Profile

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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