Short Interest in Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Expands By 6,945.5%

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) saw a significant increase in short interest in the month of 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 trading volume, of 1,220,000 shares, the days-to-cover ratio is currently 5.3 days. Based on an average daily trading volume, of 1,220,000 shares, the days-to-cover ratio is currently 5.3 days.

Xenon Pharmaceuticals Stock Down 0.6%

Shares of NASDAQ:XENE traded down $0.18 on Friday, reaching $30.36. 306,812 shares of the company's stock were exchanged, compared to its average volume of 870,216. The firm has a market capitalization of $2.33 billion, a price-to-earnings ratio of -9.42 and a beta of 1.10. Xenon Pharmaceuticals has a fifty-two week low of $26.74 and a fifty-two week high of $46.00. The business's 50-day moving average is $31.50 and its two-hundred day moving average is $34.41.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last issued its earnings results on Monday, May 12th. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, topping analysts' consensus estimates of ($0.90) by $0.07. The business had revenue of $7.50 million for the quarter, compared to analyst estimates of $1.64 million. During the same period last year, the company posted ($0.62) earnings per share. Analysts predict that Xenon Pharmaceuticals will post -3.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on XENE shares. Wells Fargo & Company decreased their target price on shares of Xenon Pharmaceuticals from $50.00 to $47.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. Chardan Capital restated a "buy" rating and issued a $55.00 target price on shares of Xenon Pharmaceuticals in a research note on Tuesday, May 13th. Wall Street Zen downgraded shares of Xenon Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. HC Wainwright restated a "buy" rating and issued a $53.00 target price on shares of Xenon Pharmaceuticals in a research note on Tuesday, May 13th. Finally, Evercore ISI started coverage on shares of Xenon Pharmaceuticals in a research note on Wednesday, May 14th. They issued an "outperform" rating and a $55.00 target price for the company. One research analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Xenon Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus price target of $54.82.

Institutional Trading of Xenon Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the business. Farther Finance Advisors LLC acquired a new stake in shares of Xenon Pharmaceuticals in the 2nd quarter worth about $25,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Xenon Pharmaceuticals in the 1st quarter worth about $30,000. GF Fund Management CO. LTD. acquired a new stake in shares of Xenon Pharmaceuticals in the 4th quarter worth about $63,000. Quarry LP acquired a new stake in shares of Xenon Pharmaceuticals in the 4th quarter worth about $78,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Xenon Pharmaceuticals by 15.7% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,964 shares of the biopharmaceutical company's stock worth $93,000 after acquiring an additional 403 shares during the period. 95.45% of the stock is owned by institutional investors and hedge funds.

Xenon Pharmaceuticals Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.