Xenon Pharmaceuticals (NASDAQ:XENE) Shares Cross Below 50 Day Moving Average - Here's Why

Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report)'s share price passed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $33.01 and traded as low as $31.11. Xenon Pharmaceuticals shares last traded at $32.17, with a volume of 784,424 shares traded.

Analyst Ratings Changes

XENE has been the subject of several recent analyst reports. HC Wainwright reaffirmed a "buy" rating and set a $53.00 price objective on shares of Xenon Pharmaceuticals in a research note on Tuesday, May 13th. Wall Street Zen downgraded Xenon Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. Royal Bank Of Canada reduced their target price on Xenon Pharmaceuticals from $58.00 to $55.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Evercore ISI initiated coverage on Xenon Pharmaceuticals in a report on Wednesday, May 14th. They issued an "outperform" rating and a $55.00 price target on the stock. Finally, Needham & Company LLC cut their price objective on Xenon Pharmaceuticals from $60.00 to $55.00 and set a "buy" rating for the company in a report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, Xenon Pharmaceuticals presently has a consensus rating of "Moderate Buy" and a consensus price target of $54.82.

Xenon Pharmaceuticals Stock Up 1.4%

The firm has a market capitalization of $2.47 billion, a P/E ratio of -9.97 and a beta of 1.09. The business's 50-day simple moving average is $32.96 and its 200 day simple moving average is $35.82.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last released its earnings results on Monday, May 12th. The biopharmaceutical company reported ($0.83) EPS for the quarter, beating the consensus estimate of ($0.90) by $0.07. The business had revenue of $7.50 million for the quarter, compared to the consensus estimate of $1.64 million. During the same period in the prior year, the business posted ($0.62) EPS. Sell-side analysts predict that Xenon Pharmaceuticals Inc. will post -3.1 earnings per share for the current year.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd bought a new stake in Xenon Pharmaceuticals in the first quarter valued at approximately $30,000. GF Fund Management CO. LTD. purchased a new position in shares of Xenon Pharmaceuticals in the fourth quarter worth $63,000. Quarry LP bought a new stake in Xenon Pharmaceuticals during the 4th quarter valued at $78,000. Magnetar Financial LLC bought a new position in shares of Xenon Pharmaceuticals during the fourth quarter valued at about $210,000. Finally, Vident Advisory LLC purchased a new stake in shares of Xenon Pharmaceuticals during the fourth quarter worth about $212,000. 95.45% of the stock is currently owned by hedge funds and other 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.