Xenon Pharmaceuticals (NASDAQ:XENE) Announces Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Key Points

• Xenon Pharmaceuticals reported a quarterly loss of ($1.07) EPS, falling short of analyst estimates of ($1.03), and compared to ($0.75) EPS from the same quarter last year.
• The company's stock price increased to $34.11, with over 1 million shares traded, and it has a market cap of $2.62 billion.
• Analysts maintain a consensus rating of "Moderate Buy" for Xenon Pharmaceuticals, with a consensus price target of $54.33, despite some price target reductions from firms like Goldman Sachs.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) issued its earnings results on Monday. The biopharmaceutical company reported ($1.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.04), Zacks reports. During the same quarter in the prior year, the firm posted ($0.75) earnings per share.

Xenon Pharmaceuticals Stock Performance

XENE stock traded down $0.20 during trading on Friday, reaching $37.76. The company had a trading volume of 53,471 shares, compared to its average volume of 894,139. Xenon Pharmaceuticals has a twelve month low of $26.74 and a twelve month high of $46.00. The firm has a 50-day simple moving average of $32.46 and a 200-day simple moving average of $34.07. The company has a market cap of $2.91 billion, a price-to-earnings ratio of -10.60 and a beta of 1.16.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Goldman Sachs Group Inc. boosted its holdings in shares of Xenon Pharmaceuticals by 7.9% in the first quarter. Goldman Sachs Group Inc. now owns 442,732 shares of the biopharmaceutical company's stock valued at $14,854,000 after acquiring an additional 32,486 shares during the period. Jump Financial LLC purchased a new stake in Xenon Pharmaceuticals during the 2nd quarter worth about $532,000. Sei Investments Co. acquired a new stake in Xenon Pharmaceuticals in the 2nd quarter worth about $711,000. The Manufacturers Life Insurance Company acquired a new position in shares of Xenon Pharmaceuticals in the 2nd quarter valued at about $816,000. Finally, Alliancebernstein L.P. lifted its stake in shares of Xenon Pharmaceuticals by 14.2% in the 2nd quarter. Alliancebernstein L.P. now owns 1,518,527 shares of the biopharmaceutical company's stock valued at $47,530,000 after purchasing an additional 189,141 shares in the last quarter. Institutional investors and hedge funds own 95.45% of the company's stock.

Wall Street Analysts Forecast Growth

XENE has been the topic of several research reports. Wedbush increased their target price on Xenon Pharmaceuticals from $42.00 to $43.00 and gave the stock an "outperform" rating in a research note on Tuesday. HC Wainwright reissued a "buy" rating and issued a $53.00 price target on shares of Xenon Pharmaceuticals in a report on Tuesday, May 13th. Wells Fargo & Company reduced their price objective on Xenon Pharmaceuticals from $50.00 to $47.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. Royal Bank Of Canada cut their price target on Xenon Pharmaceuticals from $57.00 to $55.00 and set an "outperform" rating for the company in a report on Tuesday. Finally, William Blair reaffirmed an "outperform" rating on shares of Xenon Pharmaceuticals in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $53.20.

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.