Royal Bank Of Canada Reiterates "Outperform" Rating for Xenon Pharmaceuticals (NASDAQ:XENE)

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 investment analysts at Royal Bank Of Canada in a note issued to investors on Tuesday,Benzinga reports. They presently have a $55.00 price target on the biopharmaceutical company's stock. Royal Bank Of Canada's price target would suggest a potential upside of 42.34% from the stock's current price.

XENE has been the topic of a number of other reports. Wall Street Zen lowered Xenon Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Wednesday, May 21st. William Blair reiterated an "outperform" rating on shares of Xenon Pharmaceuticals in a research report on Monday, May 5th. Chardan Capital reiterated a "buy" rating and issued a $55.00 price objective on shares of Xenon Pharmaceuticals in a research report on Tuesday, August 12th. HC Wainwright reiterated a "buy" rating and issued a $53.00 price objective on shares of Xenon Pharmaceuticals in a research report on Tuesday, May 13th. Finally, Evercore ISI initiated coverage on Xenon Pharmaceuticals in a research report on Wednesday, May 14th. They issued an "outperform" rating and a $55.00 price objective on the stock. Eleven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $53.30.

Xenon Pharmaceuticals Stock Performance

XENE traded down $0.19 on Tuesday, hitting $38.64. 744,270 shares of the company were exchanged, compared to its average volume of 796,636. The firm has a fifty day simple moving average of $34.38 and a two-hundred day simple moving average of $33.96. Xenon Pharmaceuticals has a 12 month low of $26.74 and a 12 month high of $46.00. The stock has a market capitalization of $2.98 billion, a PE ratio of -10.88 and a beta of 1.17.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in XENE. Holocene Advisors LP purchased a new position in shares of Xenon Pharmaceuticals in the 2nd quarter valued at approximately $56,637,000. Geode Capital Management LLC raised its stake in 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 valued at $30,369,000 after buying an additional 900,746 shares during the last quarter. Braidwell LP raised its stake in Xenon Pharmaceuticals by 33.0% during the second quarter. Braidwell LP now owns 3,605,029 shares of the biopharmaceutical company's stock valued at $112,837,000 after buying an additional 895,154 shares during the last quarter. Vestal Point Capital LP raised its stake in 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 valued at $62,600,000 after buying an additional 700,000 shares during the last quarter. Finally, Commodore Capital LP raised its stake in Xenon Pharmaceuticals by 30.1% during the second quarter. Commodore Capital LP now owns 3,025,000 shares of the biopharmaceutical company's stock valued at $94,682,000 after buying an additional 700,000 shares during the last quarter. Hedge funds and other institutional investors own 95.45% of the company's stock.

Xenon Pharmaceuticals Company Profile

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.