Xenon Pharmaceuticals (NASDAQ:XENE) Receives "Buy" Rating from Chardan Capital

Key Points

• Xenon Pharmaceuticals received a "Buy" rating from Chardan Capital, with a target price of $55.00, indicating a potential upside of 39.06% from its current price.
• Despite the positive ratings, the stock opened at $39.55 and has faced a slight decline of 0.2% recently, along with a reported loss of ($1.07) earnings per share for the last quarter.
• Insider trading shows CEO Ian Mortimer sold 25,000 shares at $40.16, significantly reducing his stake in the company by 44.40%.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at Chardan Capital in a research report issued on Tuesday,Benzinga reports. They presently have a $55.00 target price on the biopharmaceutical company's stock. Chardan Capital's target price suggests a potential upside of 39.06% from the company's current price.

XENE has been the topic of several other research reports. Wedbush upped their price objective on Xenon Pharmaceuticals from $42.00 to $43.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Wells Fargo & Company began coverage on Xenon Pharmaceuticals in a research note on Wednesday, September 3rd. They set an "overweight" rating and a $48.00 price objective on the stock. Weiss Ratings restated a "sell (e+)" rating on shares of Xenon Pharmaceuticals in a research note on Saturday, September 27th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $55.00 price objective on shares of Xenon Pharmaceuticals in a research note on Tuesday, September 2nd. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $53.30.

Xenon Pharmaceuticals Stock Down 0.2%

Shares of NASDAQ XENE opened at $39.55 on Tuesday. The stock's 50 day moving average price is $36.90 and its two-hundred day moving average price is $34.08. Xenon Pharmaceuticals has a 52-week low of $26.74 and a 52-week high of $46.00. The stock has a market capitalization of $3.05 billion, a P/E ratio of -11.14 and a beta of 1.14.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The biopharmaceutical company reported ($1.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.03) by ($0.04). During the same quarter in the previous year, the business posted ($0.75) earnings per share. On average, analysts anticipate that Xenon Pharmaceuticals will post -3.1 EPS for the current year.

Insider Buying and Selling at Xenon Pharmaceuticals

In other news, CEO Ian Mortimer sold 25,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $40.16, for a total transaction of $1,004,000.00. Following the sale, the chief executive officer directly owned 31,302 shares in the company, valued at approximately $1,257,088.32. This represents a 44.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.07% of the company's stock.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mutual of America Capital Management LLC bought a new position in Xenon Pharmaceuticals in the 1st quarter worth approximately $1,636,000. Natixis Advisors LLC grew its holdings in Xenon Pharmaceuticals by 1.9% in the 1st quarter. Natixis Advisors LLC now owns 24,010 shares of the biopharmaceutical company's stock worth $806,000 after buying an additional 456 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Xenon Pharmaceuticals by 439.0% in the 1st quarter. Bank of New York Mellon Corp now owns 251,147 shares of the biopharmaceutical company's stock worth $8,426,000 after buying an additional 204,550 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its holdings in Xenon Pharmaceuticals by 17.5% in the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 47,457 shares of the biopharmaceutical company's stock worth $1,592,000 after buying an additional 7,081 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in Xenon Pharmaceuticals by 81.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 436,974 shares of the biopharmaceutical company's stock worth $13,677,000 after buying an additional 195,768 shares in the last quarter. 95.45% of the stock is owned by institutional investors.

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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