Traders Purchase Large Volume of Put Options on Xenon Pharmaceuticals (NASDAQ:XENE)

Key Points

• Xenon Pharmaceuticals experienced an **unusual surge** in options trading, with 4,063 put options traded, marking a **2,362% increase** over the typical volume of 165 put options.
• The company's latest earnings report showed a **loss of ($0.83) EPS**, which beat analyst expectations, as revenue reached **$7.50 million**, well above the forecasted $1.64 million.
• Currently, **95.45%** of Xenon Pharmaceuticals' stock is held by institutional investors, highlighting significant **investor interest** in the company.

Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report) was the target of unusually large options trading activity on Wednesday. Traders acquired 4,063 put options on the company. Thisisanincreaseof2,362% compared to the average daily volume of 165 put options.

Analysts Set New Price Targets

XENE has been the subject of a number of recent research reports. Evercore ISI initiated coverage on shares of Xenon Pharmaceuticals in a research note on Wednesday, May 14th. They set an "outperform" rating and a $55.00 price target for the company. Wells Fargo & Company dropped their price target on shares of Xenon Pharmaceuticals from $50.00 to $47.00 and set an "overweight" rating for the company in a research note on Tuesday, May 13th. William Blair reissued an "outperform" rating on shares of Xenon Pharmaceuticals in a research note on Monday, May 5th. Needham & Company LLC dropped their price target on shares of Xenon Pharmaceuticals from $60.00 to $55.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Finally, Royal Bank Of Canada lowered their target price on shares of Xenon Pharmaceuticals from $58.00 to $55.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating and ten have given a buy rating to the stock. According to MarketBeat.com, Xenon Pharmaceuticals currently has a consensus rating of "Moderate Buy" and an average target price of $54.33.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Northern Trust Corp boosted its holdings in Xenon Pharmaceuticals by 51.6% during the fourth quarter. Northern Trust Corp now owns 65,783 shares of the biopharmaceutical company's stock worth $2,579,000 after purchasing an additional 22,377 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Xenon Pharmaceuticals by 39.1% during the fourth quarter. Ameriprise Financial Inc. now owns 92,350 shares of the biopharmaceutical company's stock worth $3,620,000 after purchasing an additional 25,967 shares during the last quarter. Mutual of America Capital Management LLC acquired a new position in Xenon Pharmaceuticals during the first quarter worth $1,636,000. Bank of New York Mellon Corp boosted its holdings in Xenon Pharmaceuticals by 439.0% during the first quarter. Bank of New York Mellon Corp now owns 251,147 shares of the biopharmaceutical company's stock worth $8,426,000 after purchasing an additional 204,550 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Xenon Pharmaceuticals by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 69,529 shares of the biopharmaceutical company's stock worth $2,726,000 after purchasing an additional 720 shares during the last quarter. Institutional investors and hedge funds own 95.45% of the company's stock.

Xenon Pharmaceuticals Stock Performance

NASDAQ:XENE traded down $0.20 during trading hours on Friday, hitting $33.43. The stock had a trading volume of 865,066 shares, compared to its average volume of 920,234. Xenon Pharmaceuticals has a one year low of $26.74 and a one year high of $46.00. The company has a market cap of $2.57 billion, a price-to-earnings ratio of -10.35 and a beta of 1.16. The business's 50 day moving average is $31.98 and its 200-day moving average is $34.13.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last released its quarterly earnings results on Monday, May 12th. The biopharmaceutical company reported ($0.83) earnings per share for the quarter, beating the consensus estimate of ($0.90) by $0.07. The company had revenue of $7.50 million during the quarter, compared to analyst estimates of $1.64 million. During the same quarter last year, the company earned ($0.62) EPS. On average, sell-side analysts anticipate that Xenon Pharmaceuticals 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.