Xenon Pharmaceuticals (NASDAQ:XENE) Shares Down 3.4% - Here's What Happened

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

Wall Street Analyst Weigh In

Several research firms have recently commented on XENE. 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. Chardan Capital reissued a "buy" rating and issued a $55.00 price objective on shares of Xenon Pharmaceuticals in a research note on Tuesday, May 13th. Wall Street Zen lowered shares of Xenon Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Wednesday, May 21st. Evercore ISI started coverage on shares of Xenon Pharmaceuticals in a research note on Wednesday, May 14th. They issued an "outperform" rating and a $55.00 price target for the company. Finally, The Goldman Sachs Group decreased their price target on shares of Xenon Pharmaceuticals from $60.00 to $52.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. One investment analyst has rated the stock with a sell rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $54.82.

Xenon Pharmaceuticals Stock Performance

The firm's 50-day moving average is $33.05 and its 200 day moving average is $36.11. The stock has a market cap of $2.45 billion, a PE ratio of -9.88 and a beta of 1.09.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last released its quarterly 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 during the quarter, compared to analysts' expectations of $1.64 million. During the same quarter last year, the company earned ($0.62) EPS. On average, sell-side analysts predict that Xenon Pharmaceuticals Inc. will post -3.1 EPS for the current fiscal year.

Institutional Trading of Xenon Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd purchased a new stake in Xenon Pharmaceuticals in the 1st quarter valued at $30,000. GF Fund Management CO. LTD. acquired a new position in Xenon Pharmaceuticals in the 4th quarter valued at $63,000. Quarry LP acquired a new position in Xenon Pharmaceuticals in the 4th quarter valued at $78,000. Magnetar Financial LLC acquired a new position in Xenon Pharmaceuticals in the 4th quarter valued at $210,000. Finally, Vident Advisory LLC acquired a new position in Xenon Pharmaceuticals in the 4th quarter valued at $212,000. Hedge funds and other 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.