Xenon Pharmaceuticals (NASDAQ:XENE) Stock Price Down 3.4% - Here's Why

Shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report) were down 3.4% during mid-day trading on Monday . The stock traded as low as $31.57 and last traded at $31.64. Approximately 82,081 shares changed hands during trading, a decline of 85% from the average daily volume of 558,820 shares. The stock had previously closed at $32.76.

Analysts Set New Price Targets

Several equities research analysts have issued reports on XENE shares. The Goldman Sachs Group cut their price objective on shares of Xenon Pharmaceuticals from $60.00 to $52.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Evercore ISI initiated coverage on shares of Xenon Pharmaceuticals in a research note on Wednesday, May 14th. They issued an "outperform" rating and a $55.00 price objective on the stock. HC Wainwright reissued a "buy" rating and issued a $53.00 price objective on shares of Xenon Pharmaceuticals in a research note on Tuesday, May 13th. Wall Street Zen cut shares of Xenon Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Finally, Wells Fargo & Company cut their price target on shares of Xenon Pharmaceuticals from $50.00 to $47.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. One equities research analyst has rated the stock with a sell rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.82.

Xenon Pharmaceuticals Stock Performance

The company's 50-day moving average price is $32.94 and its two-hundred day moving average price is $36.31. The stock has a market cap of $2.45 billion, a PE ratio of -11.28 and a beta of 1.09.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last issued its earnings results 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 firm had revenue of $7.50 million during the quarter, compared to analysts' expectations of $1.64 million. During the same period last year, the firm posted ($0.62) earnings per share. Equities research analysts forecast that Xenon Pharmaceuticals Inc. will post -3.1 earnings per share for the current fiscal year.

Institutional Trading of Xenon Pharmaceuticals

A number of institutional investors have recently modified their holdings of XENE. Caitong International Asset Management Co. Ltd purchased a new position in shares of Xenon Pharmaceuticals in the 1st quarter valued at approximately $30,000. GF Fund Management CO. LTD. acquired a new stake in shares of Xenon Pharmaceuticals during the 4th quarter worth approximately $63,000. Quarry LP acquired a new stake in shares of Xenon Pharmaceuticals during the 4th quarter worth approximately $78,000. Magnetar Financial LLC acquired a new stake in shares of Xenon Pharmaceuticals during the 4th quarter worth approximately $210,000. Finally, Vident Advisory LLC acquired a new stake in shares of Xenon Pharmaceuticals during the 4th quarter worth approximately $212,000. 95.45% of the stock is currently 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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