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

Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report) was the recipient of some unusual options trading activity on Wednesday. Stock investors purchased 4,063 put options on the company. This represents an increase of approximately 2,362% compared to the average daily volume of 165 put options.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC acquired a new position in shares of Xenon Pharmaceuticals in the 2nd quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Xenon Pharmaceuticals in the 1st quarter valued at approximately $30,000. GF Fund Management CO. LTD. acquired a new position in shares of Xenon Pharmaceuticals in the 4th quarter valued at approximately $63,000. Quarry LP acquired a new position in shares of Xenon Pharmaceuticals in the 4th quarter valued at approximately $78,000. Finally, Magnetar Financial LLC acquired a new position in shares of Xenon Pharmaceuticals in the 4th quarter valued at approximately $210,000. 95.45% of the stock is currently owned by institutional investors and hedge funds.

Xenon Pharmaceuticals Stock Performance

Shares of XENE stock traded down $0.77 during midday trading on Friday, hitting $32.21. 595,207 shares of the company were exchanged, compared to its average volume of 638,143. The firm has a market capitalization of $2.47 billion, a P/E ratio of -9.97 and a beta of 1.10. The firm's 50 day moving average price is $31.88 and its two-hundred day moving average price is $35.18. Xenon Pharmaceuticals has a 52 week low of $26.74 and a 52 week high of $46.00.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last issued 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 during the quarter, compared to analyst estimates of $1.64 million. During the same quarter last year, the firm earned ($0.62) EPS. Analysts expect that Xenon Pharmaceuticals will post -3.1 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Needham & Company LLC reduced their price target on shares of Xenon Pharmaceuticals from $60.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. The Goldman Sachs Group reduced 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. Wells Fargo & Company reduced their price target on shares of Xenon Pharmaceuticals from $50.00 to $47.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. Evercore ISI assumed coverage on shares of Xenon Pharmaceuticals in a report on Wednesday, May 14th. They issued an "outperform" rating and a $55.00 price target for the company. Finally, Royal Bank Of Canada reduced 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. One analyst has rated the stock with a sell rating and twelve have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $54.82.

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.