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Traders Buy Large Volume of Put Options on Xenon Pharmaceuticals (NASDAQ:XENE)

Xenon Pharmaceuticals logo with Medical background

Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report) saw unusually large options trading on Wednesday. Stock investors bought 4,063 put options on the stock. This represents an increase of approximately 2,362% compared to the average daily volume of 165 put options.

Xenon Pharmaceuticals Stock Performance

Shares of NASDAQ:XENE opened at $32.68 on Thursday. Xenon Pharmaceuticals has a 52 week low of $26.74 and a 52 week high of $46.00. The firm's fifty day moving average is $32.11 and its 200-day moving average is $35.28. The firm has a market cap of $2.51 billion, a PE ratio of -10.12 and a beta of 1.10.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, topping the consensus estimate 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 quarter in the previous year, the company posted ($0.62) EPS. Sell-side analysts forecast that Xenon Pharmaceuticals will post -3.1 EPS for the current year.

Hedge Funds Weigh In On Xenon Pharmaceuticals

A number of large investors have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd purchased a new position in shares of Xenon Pharmaceuticals in the 1st quarter worth about $30,000. GF Fund Management CO. LTD. bought a new stake in Xenon Pharmaceuticals in the fourth quarter worth $63,000. Quarry LP bought a new stake in Xenon Pharmaceuticals in the fourth quarter worth $78,000. Magnetar Financial LLC bought a new stake in Xenon Pharmaceuticals in the fourth quarter worth $210,000. Finally, Vident Advisory LLC bought a new stake in Xenon Pharmaceuticals in the fourth quarter worth $212,000. 95.45% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Wall Street Zen lowered Xenon Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Wednesday, May 21st. HC Wainwright reissued a "buy" rating and set a $53.00 price target on shares of Xenon Pharmaceuticals in a research report on Tuesday, May 13th. Wells Fargo & Company dropped their price target on Xenon Pharmaceuticals from $50.00 to $47.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 13th. William Blair reissued an "outperform" rating on shares of Xenon Pharmaceuticals in a research report on Monday, May 5th. Finally, Royal Bank Of Canada dropped their target price on Xenon Pharmaceuticals from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $54.82.

Check Out Our Latest Stock Analysis on XENE

About Xenon Pharmaceuticals

(Get Free Report)

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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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.

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