Wedbush Issues Positive Forecast for Xenon Pharmaceuticals (NASDAQ:XENE) Stock Price

Key Points

• Wedbush has raised its price target on Xenon Pharmaceuticals from $42.00 to $43.00, indicating a potential upside of 17.57% from the current price, with an "outperform" rating.
• Multiple research firms have adjusted their ratings, with Goldman Sachs lowering its target from $60.00 to $52.00, while Chardan Capital reissued a "buy" rating with a $55.00 target.
• Xenon Pharmaceuticals reported a quarterly EPS of ($1.07), missing analysts' expectations, and has an average rating of "Moderate Buy" with a target price of $53.20 based on recent analyses.

Xenon Pharmaceuticals (NASDAQ:XENE - Free Report) had its price target upped by Wedbush from $42.00 to $43.00 in a research note issued to investors on Tuesday,Benzinga reports. Wedbush currently has an outperform rating on the biopharmaceutical company's stock.

Other equities analysts have also issued reports about the stock. Chardan Capital reaffirmed a "buy" rating and set a $55.00 price target on shares of Xenon Pharmaceuticals in a research report on Tuesday, May 13th. The Goldman Sachs Group lowered their price target on shares of Xenon Pharmaceuticals from $60.00 to $52.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Evercore ISI initiated coverage on shares of Xenon Pharmaceuticals in a research report on Wednesday, May 14th. They set an "outperform" rating and a $55.00 price target on the stock. Wall Street Zen lowered shares of Xenon Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Finally, Wells Fargo & Company lowered their price target on shares of Xenon Pharmaceuticals from $50.00 to $47.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $53.20.

Xenon Pharmaceuticals Stock Up 0.7%

Shares of NASDAQ XENE traded up $0.27 during mid-day trading on Tuesday, reaching $38.23. 820,100 shares of the company were exchanged, compared to its average volume of 1,051,328. The company's 50-day simple moving average is $32.59 and its 200-day simple moving average is $34.06. The stock has a market capitalization of $2.95 billion, a P/E ratio of -10.77 and a beta of 1.16. Xenon Pharmaceuticals has a twelve month low of $26.74 and a twelve month high of $46.00.

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

Institutional Investors Weigh In On Xenon Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC grew its holdings in shares of Xenon Pharmaceuticals by 10,614.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,357 shares of the biopharmaceutical company's stock valued at $168,000 after purchasing an additional 5,307 shares during the last quarter. Soleus Capital Management L.P. bought a new stake in shares of Xenon Pharmaceuticals during the 2nd quarter valued at approximately $2,466,000. Vestal Point Capital LP grew its holdings in shares of Xenon Pharmaceuticals by 53.8% during the 2nd quarter. Vestal Point Capital LP now owns 2,000,000 shares of the biopharmaceutical company's stock valued at $62,600,000 after purchasing an additional 700,000 shares during the last quarter. Oxford Asset Management LLP grew its holdings in shares of Xenon Pharmaceuticals by 242.4% during the 2nd quarter. Oxford Asset Management LLP now owns 21,138 shares of the biopharmaceutical company's stock valued at $662,000 after purchasing an additional 14,964 shares during the last quarter. Finally, Moore Capital Management LP boosted its position in Xenon Pharmaceuticals by 63.6% during the 2nd quarter. Moore Capital Management LP now owns 90,000 shares of the biopharmaceutical company's stock worth $2,817,000 after buying an additional 35,000 shares during the period. 95.45% of the stock is owned by institutional investors.

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.