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

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.

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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