Investors Buy High Volume of Put Options on Xenon Pharmaceuticals (NASDAQ:XENE)

Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report) was the recipient of unusually large options trading on Wednesday. Traders acquired 4,063 put options on the company. This is an increase of approximately 2,362% compared to the average daily volume of 165 put options.

Xenon Pharmaceuticals Price Performance

Shares of Xenon Pharmaceuticals stock traded up $0.54 on Thursday, reaching $32.80. 1,058,573 shares of the company were exchanged, compared to its average volume of 557,023. The stock's 50 day moving average price is $32.81 and its 200-day moving average price is $36.53. Xenon Pharmaceuticals has a 1-year low of $26.74 and a 1-year high of $46.00. The company has a market cap of $2.52 billion, a P/E ratio of -11.63 and a beta of 1.09.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) 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 analysts' expectations of $1.64 million. During the same period last year, the firm earned ($0.62) earnings per share. On average, research analysts predict that Xenon Pharmaceuticals will post -3.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

XENE has been the subject of several research analyst reports. Royal Bank of Canada reduced their price objective on Xenon Pharmaceuticals from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Chardan Capital reissued a "buy" rating and set a $55.00 price target on shares of Xenon Pharmaceuticals in a research report on Tuesday, May 13th. Needham & Company LLC decreased their price objective on shares of Xenon Pharmaceuticals from $60.00 to $55.00 and set a "buy" rating for the company 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 report on Wednesday, May 21st. Finally, HC Wainwright reissued a "buy" rating and set a $53.00 target price on shares of Xenon Pharmaceuticals in a report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $54.82.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Large investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Xenon Pharmaceuticals in the 1st quarter valued at approximately $30,000. GF Fund Management CO. LTD. acquired a new stake in Xenon Pharmaceuticals in the fourth quarter valued at $63,000. Quarry LP purchased a new stake in shares of Xenon Pharmaceuticals during the 4th quarter worth $78,000. Magnetar Financial LLC acquired a new position in shares of Xenon Pharmaceuticals during the 4th quarter worth $210,000. Finally, Vident Advisory LLC purchased a new position in shares of Xenon Pharmaceuticals in the 4th quarter valued at about $212,000. Hedge funds and other institutional investors own 95.45% of the company's stock.

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.