Xenon Pharmaceuticals (NASDAQ:XENE) Shares Gap Down on Analyst Downgrade

Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report) gapped down before the market opened on Tuesday after Needham & Company LLC lowered their price target on the stock from $60.00 to $55.00. The stock had previously closed at $35.85, but opened at $32.81. Needham & Company LLC currently has a buy rating on the stock. Xenon Pharmaceuticals shares last traded at $30.99, with a volume of 169,202 shares changing hands.

Other equities research analysts also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft began coverage on Xenon Pharmaceuticals in a report on Tuesday, February 11th. They set a "buy" rating and a $67.00 target price for the company. The Goldman Sachs Group dropped their target price on Xenon Pharmaceuticals from $60.00 to $52.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. StockNews.com downgraded shares of Xenon Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Friday, May 2nd. William Blair reissued an "outperform" rating on shares of Xenon Pharmaceuticals in a report on Monday, May 5th. Finally, HC Wainwright reiterated a "buy" rating and issued a $53.00 price objective on shares of Xenon Pharmaceuticals in a report on Monday, February 24th. One analyst has rated the stock with a sell rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.67.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Caitong International Asset Management Co. Ltd bought a new position in Xenon Pharmaceuticals during the 1st quarter valued at about $30,000. GF Fund Management CO. LTD. purchased a new position in shares of Xenon Pharmaceuticals in the 4th quarter valued at approximately $63,000. Quarry LP acquired a new position in shares of Xenon Pharmaceuticals in the fourth quarter valued at about $78,000. Blue Trust Inc. grew its position in Xenon Pharmaceuticals by 140.3% during the 4th quarter. Blue Trust Inc. now owns 2,422 shares of the biopharmaceutical company's stock worth $95,000 after purchasing an additional 1,414 shares during the period. Finally, Avior Wealth Management LLC purchased a new stake in shares of Xenon Pharmaceuticals during the 4th quarter worth about $101,000. Hedge funds and other institutional investors own 95.45% of the company's stock.

Xenon Pharmaceuticals Stock Performance

The business's 50 day moving average is $34.57 and its 200-day moving average is $38.24. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of -10.63 and a beta of 1.21.

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

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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