Royal Bank Of Canada Has Lowered Expectations for Xenon Pharmaceuticals (NASDAQ:XENE) Stock Price

Key Points

• Royal Bank of Canada has decreased its target price for Xenon Pharmaceuticals from $57.00 to $55.00, indicating a potential upside of 48.80% based on the company's current price.
• Several other analysts have also set a target price of $55.00 for Xenon Pharmaceuticals, indicating a consensus average target price of $53.20 and an overall rating of "Moderate Buy."
• Xenon Pharmaceuticals shares have seen significant trading activity, recently hitting a price of $36.96, up 8.4%, with a market capitalization of $2.84 billion.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) had its target price cut by analysts at Royal Bank Of Canada from $57.00 to $55.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an "outperform" rating on the biopharmaceutical company's stock. Royal Bank Of Canada's price target suggests a potential upside of 48.80% from the company's current price.

Other analysts have also issued reports about the stock. Needham & Company LLC lowered their target price on shares of Xenon Pharmaceuticals from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Chardan Capital reissued a "buy" rating and set a $55.00 target price on shares of Xenon Pharmaceuticals in a research note on Tuesday, May 13th. William Blair reissued an "outperform" rating on shares of Xenon Pharmaceuticals in a research note on Monday, May 5th. The Goldman Sachs Group lowered their target price on shares of Xenon Pharmaceuticals from $60.00 to $52.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Finally, Evercore ISI assumed coverage on shares of Xenon Pharmaceuticals in a research note on Wednesday, May 14th. They set an "outperform" rating and a $55.00 target price for the company. One research analyst has rated the stock with a sell rating and eleven have issued 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 $53.20.

Xenon Pharmaceuticals Trading Up 8.4%

NASDAQ:XENE traded up $2.85 during midday trading on Tuesday, hitting $36.96. 253,617 shares of the company traded hands, compared to its average volume of 884,641. The firm's fifty day moving average is $32.06 and its 200-day moving average is $34.05. Xenon Pharmaceuticals has a 12-month low of $26.74 and a 12-month high of $46.00. The firm has a market capitalization of $2.84 billion, a P/E ratio of -11.44 and a beta of 1.16.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last released its earnings results on Monday, August 11th. The biopharmaceutical company reported ($1.07) earnings per share for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.04). During the same period last year, the firm posted ($0.75) earnings per share. On average, research analysts expect that Xenon Pharmaceuticals will post -3.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Northern Trust Corp lifted its holdings in Xenon Pharmaceuticals by 51.6% in the fourth quarter. Northern Trust Corp now owns 65,783 shares of the biopharmaceutical company's stock valued at $2,579,000 after acquiring an additional 22,377 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Xenon Pharmaceuticals by 39.1% during the 4th quarter. Ameriprise Financial Inc. now owns 92,350 shares of the biopharmaceutical company's stock worth $3,620,000 after buying an additional 25,967 shares during the period. Mutual of America Capital Management LLC acquired a new position in shares of Xenon Pharmaceuticals during the 1st quarter worth approximately $1,636,000. Bank of New York Mellon Corp lifted its position in shares of Xenon Pharmaceuticals by 439.0% during the 1st quarter. Bank of New York Mellon Corp now owns 251,147 shares of the biopharmaceutical company's stock valued at $8,426,000 after buying an additional 204,550 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Xenon Pharmaceuticals by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 69,529 shares of the biopharmaceutical company's stock valued at $2,726,000 after buying an additional 720 shares in the last quarter. 95.45% of the stock is owned by institutional investors and hedge funds.

About Xenon Pharmaceuticals

Xenon Pharmaceuticals Inc, a neuroscience-focused biopharmaceutical company, engages in the development of therapeutics to treat patients with neurological disorders in Canada. Its clinical development pipeline includes XEN1101, a novel and potent Kv7 potassium channel opener, which is in Phase 3 clinical trials for the treatment of epilepsy and other neurological disorders.

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