Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Sees Large Increase in Short Interest

Key Points

• Short interest in Xenon Pharmaceuticals Inc. (NASDAQ:XENE) surged by 6,945.5% in July, totaling over 6.5 million shares compared to just 92,400 at the end of June.
• Shares of Xenon Pharmaceuticals are currently trading at $30.36, down 0.6%, with a market capitalization of $2.33 billion.
• Analysts have mixed opinions on Xenon Pharmaceuticals, with target prices ranging from $47.00 to $55.00, and an average rating of "Moderate Buy."

Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report) was the recipient of a significant increase in short interest in July. As of July 15th, there was short interest totaling 6,510,000 shares, anincreaseof6,945.5% from the June 30th total of 92,400 shares. Based on an average daily volume of 1,220,000 shares, the short-interest ratio is currently 5.3 days. Based on an average daily volume of 1,220,000 shares, the short-interest ratio is currently 5.3 days.

Xenon Pharmaceuticals Stock Performance

Shares of NASDAQ:XENE traded up $2.80 during midday trading on Tuesday, hitting $35.96. The company's stock had a trading volume of 1,173,123 shares, compared to its average volume of 879,416. The business's 50 day simple moving average is $31.58 and its 200 day simple moving average is $34.24. The company has a market cap of $2.76 billion, a P/E ratio of -11.12 and a beta of 1.16. Xenon Pharmaceuticals has a 12-month low of $26.74 and a 12-month high of $46.00.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.90) by $0.07. The company had revenue of $7.50 million during the quarter, compared to analysts' expectations of $1.64 million. During the same period last year, the firm posted ($0.62) earnings per share. On average, sell-side analysts predict that Xenon Pharmaceuticals will post -3.1 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. HC Wainwright reissued a "buy" rating and set a $53.00 target price on shares of Xenon Pharmaceuticals in a research report 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 report on Tuesday, May 13th. Royal Bank Of Canada decreased their price target on shares of Xenon Pharmaceuticals from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Wall Street Zen cut shares of Xenon Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. Finally, The Goldman Sachs Group decreased their price target on shares of Xenon Pharmaceuticals from $60.00 to $52.00 and set a "buy" rating for the company in a report on Thursday, April 17th. One investment analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the company. According to MarketBeat, Xenon Pharmaceuticals currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.82.

Hedge Funds Weigh In On Xenon Pharmaceuticals

A number of large investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC purchased a new stake in shares of Xenon Pharmaceuticals during the second quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Xenon Pharmaceuticals during the first quarter valued at $30,000. GF Fund Management CO. LTD. bought a new stake in shares of Xenon Pharmaceuticals during the fourth quarter valued at about $63,000. Quarry LP bought a new stake in shares of Xenon Pharmaceuticals during the fourth quarter valued at about $78,000. Finally, Amalgamated Bank bought a new stake in shares of Xenon Pharmaceuticals during the second quarter valued at about $81,000. Hedge funds and other institutional investors own 95.45% of the company's stock.

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.