Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Given Consensus Rating of "Buy" by Brokerages

Key Points

• Xenon Pharmaceuticals Inc. has received an average consensus rating of "Buy" from eleven different brokerages, indicating strong confidence from analysts.
• The average twelve-month price target for the stock is $53.30, with several firms like Royal Bank of Canada and Chardan Capital setting targets of $55.00.
• Recently, institutional investors have increased their holdings in Xenon, with Osaic Holdings boosting its stake by 541.4% during the second quarter.

Shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report) have received an average recommendation of "Buy" from the eleven ratings firms that are currently covering the company, Marketbeat.com reports. Eleven research analysts have rated the stock with a buy recommendation. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $53.30.

XENE has been the subject of a number of analyst reports. Royal Bank Of Canada restated an "outperform" rating and issued a $55.00 price target on shares of Xenon Pharmaceuticals in a report on Tuesday, September 2nd. Chardan Capital restated a "buy" rating and issued a $55.00 price target on shares of Xenon Pharmaceuticals in a report on Tuesday, August 12th. Wedbush upped their price target on Xenon Pharmaceuticals from $42.00 to $43.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Finally, Wells Fargo & Company initiated coverage on Xenon Pharmaceuticals in a report on Wednesday, September 3rd. They issued an "overweight" rating and a $48.00 price target for the company.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Several institutional investors and hedge funds have recently made changes to their positions in the business. Osaic Holdings Inc. boosted its stake in shares of Xenon Pharmaceuticals by 541.4% during the 2nd quarter. Osaic Holdings Inc. now owns 1,225 shares of the biopharmaceutical company's stock valued at $40,000 after buying an additional 1,034 shares during the last quarter. L1 Capital Pty Ltd bought a new position in shares of Xenon Pharmaceuticals during the second quarter worth about $41,000. Tower Research Capital LLC TRC lifted its position in shares of Xenon Pharmaceuticals by 10,614.0% during the second quarter. Tower Research Capital LLC TRC now owns 5,357 shares of the biopharmaceutical company's stock worth $168,000 after purchasing an additional 5,307 shares during the last quarter. Soleus Capital Management L.P. bought a new position in shares of Xenon Pharmaceuticals during the second quarter worth about $2,466,000. Finally, Vestal Point Capital LP lifted its position in shares of Xenon Pharmaceuticals by 53.8% during the second quarter. Vestal Point Capital LP now owns 2,000,000 shares of the biopharmaceutical company's stock worth $62,600,000 after purchasing an additional 700,000 shares during the last quarter. 95.45% of the stock is currently owned by hedge funds and other institutional investors.

Xenon Pharmaceuticals Price Performance

NASDAQ XENE opened at $37.40 on Tuesday. Xenon Pharmaceuticals has a 12 month low of $26.74 and a 12 month high of $46.00. The company has a 50-day moving average of $35.46 and a 200-day moving average of $33.84. The company has a market cap of $2.88 billion, a P/E ratio of -10.54 and a beta of 1.17.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The biopharmaceutical company reported ($1.07) EPS for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.04). During the same quarter in the prior year, the business earned ($0.75) EPS. As a group, equities research analysts anticipate that Xenon Pharmaceuticals will post -3.1 EPS for the current year.

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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