Xenon Pharmaceuticals (NASDAQ:XENE) Price Target Lowered to $55.00 at Needham & Company LLC

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) had its price objective lowered by analysts at Needham & Company LLC from $60.00 to $55.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the biopharmaceutical company's stock. Needham & Company LLC's price objective would indicate a potential upside of 86.00% from the stock's current price.

A number of other research firms have also recently commented on XENE. Chardan Capital started coverage on shares of Xenon Pharmaceuticals in a research report on Wednesday, May 7th. They set a "buy" rating and a $55.00 target price on the stock. William Blair reissued an "outperform" rating on shares of Xenon Pharmaceuticals in a research report on Monday, May 5th. The Goldman Sachs Group reduced their target price 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. HC Wainwright reissued a "buy" rating and set a $53.00 target price on shares of Xenon Pharmaceuticals in a research report on Monday, February 24th. Finally, StockNews.com cut shares of Xenon Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Friday, May 2nd. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $54.82.

Xenon Pharmaceuticals Stock Performance

Xenon Pharmaceuticals stock traded down $0.17 during trading on Tuesday, reaching $29.57. The company had a trading volume of 1,147,831 shares, compared to its average volume of 508,722. Xenon Pharmaceuticals has a 12-month low of $26.74 and a 12-month high of $46.00. The stock's 50 day moving average price is $34.19 and its two-hundred day moving average price is $38.03. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of -10.49 and a beta of 1.21.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last released its quarterly earnings data on Monday, May 12th. The biopharmaceutical company reported ($0.83) earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the firm earned ($0.62) earnings per share. As a group, research analysts expect that Xenon Pharmaceuticals will post -3.1 earnings per share for the current year.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd bought a new position in Xenon Pharmaceuticals in the 1st quarter valued at about $30,000. GF Fund Management CO. LTD. bought a new position in Xenon Pharmaceuticals in the 4th quarter valued at about $63,000. Quarry LP bought a new position in Xenon Pharmaceuticals in the 4th quarter valued at about $78,000. Blue Trust Inc. grew its position in Xenon Pharmaceuticals by 140.3% in the 4th quarter. Blue Trust Inc. now owns 2,422 shares of the biopharmaceutical company's stock valued at $95,000 after buying an additional 1,414 shares in the last quarter. Finally, Avior Wealth Management LLC bought a new position in Xenon Pharmaceuticals in the 4th quarter valued at about $101,000. Institutional investors own 95.45% of the company's stock.

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.