Xenon Pharmaceuticals' (XENE) Outperform Rating Reaffirmed at Royal Bank Of Canada

Key Points

• The Royal Bank of Canada has reiterated an "outperform" rating for Xenon Pharmaceuticals (XENE) with a price target of $55.00, indicating a potential upside of 40.59% from the current stock price.
• Xenon Pharmaceuticals reported a quarterly EPS of ($1.07), missing expectations and representing a decrease from the previous year's EPS of ($0.75).
• Analysts show strong confidence in the stock, with eleven analysts rating it as a "Buy" and a consensus price target average of $53.20.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report)'s stock had its "outperform" rating reissued by research analysts at Royal Bank Of Canada in a research note issued on Tuesday,Benzinga reports. They presently have a $55.00 price objective on the biopharmaceutical company's stock. Royal Bank Of Canada's target price indicates a potential upside of 40.27% from the stock's current price.

XENE has been the subject of a number of other research reports. Wedbush upped their price objective on Xenon Pharmaceuticals from $42.00 to $43.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. Chardan Capital reiterated a "buy" rating and issued a $55.00 price objective on shares of Xenon Pharmaceuticals in a report on Tuesday, August 12th. Evercore ISI assumed coverage on Xenon Pharmaceuticals in a report on Wednesday, May 14th. They issued an "outperform" rating and a $55.00 price objective for the company. HC Wainwright reiterated a "buy" rating and issued a $53.00 price objective on shares of Xenon Pharmaceuticals in a report on Tuesday, May 13th. Finally, Needham & Company LLC dropped 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. Eleven research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $53.30.

Xenon Pharmaceuticals Price Performance

Shares of XENE stock traded up $0.57 on Tuesday, reaching $39.21. 646,087 shares of the stock were exchanged, compared to its average volume of 803,703. The stock has a market cap of $3.02 billion, a PE ratio of -11.05 and a beta of 1.17. Xenon Pharmaceuticals has a one year low of $26.74 and a one year high of $46.00. The stock has a 50 day moving average price of $34.52 and a 200 day moving average price of $33.93.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last released its earnings results on Monday, August 11th. The biopharmaceutical company reported ($1.07) earnings per share for the quarter, missing analysts' consensus estimates of ($1.03) by ($0.04). During the same period in the prior year, the company posted ($0.75) earnings per share. On average, research analysts expect that Xenon Pharmaceuticals will post -3.1 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in XENE. Holocene Advisors LP acquired a new position in Xenon Pharmaceuticals in the second quarter valued at about $56,637,000. Geode Capital Management LLC boosted its position in shares of Xenon Pharmaceuticals by 1,294.2% during the second quarter. Geode Capital Management LLC now owns 970,343 shares of the biopharmaceutical company's stock worth $30,369,000 after buying an additional 900,746 shares during the period. Braidwell LP boosted its position in shares of Xenon Pharmaceuticals by 33.0% during the second quarter. Braidwell LP now owns 3,605,029 shares of the biopharmaceutical company's stock worth $112,837,000 after buying an additional 895,154 shares during the period. Vestal Point Capital LP boosted its position in shares of Xenon Pharmaceuticals by 53.8% during the second quarter. Vestal Point Capital LP now owns 2,000,000 shares of the biopharmaceutical company's stock worth $62,600,000 after buying an additional 700,000 shares during the period. Finally, Commodore Capital LP boosted its position in shares of Xenon Pharmaceuticals by 30.1% during the second quarter. Commodore Capital LP now owns 3,025,000 shares of the biopharmaceutical company's stock worth $94,682,000 after buying an additional 700,000 shares during the period. 95.45% of the stock is owned by institutional investors and hedge funds.

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.