Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Given Average Recommendation of “Buy” by Brokerages

Shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE) have received an average rating of “Buy” from the twelve brokerages that are currently covering the company, Marketbeat Ratings reports. Eleven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $57.45.

Several brokerages have issued reports on XENE. Cantor Fitzgerald reiterated an “overweight” rating and set a $65.00 target price on shares of Xenon Pharmaceuticals in a report on Friday, August 9th. Raymond James reiterated an “outperform” rating and issued a $50.00 price target on shares of Xenon Pharmaceuticals in a report on Thursday, October 10th. Needham & Company LLC dropped their price objective on Xenon Pharmaceuticals from $62.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Royal Bank of Canada reiterated an “outperform” rating and issued a $55.00 target price on shares of Xenon Pharmaceuticals in a report on Tuesday, September 3rd. Finally, William Blair upgraded shares of Xenon Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. GSA Capital Partners LLP purchased a new position in Xenon Pharmaceuticals during the first quarter valued at $930,000. Harbor Capital Advisors Inc. raised its holdings in shares of Xenon Pharmaceuticals by 647.8% in the second quarter. Harbor Capital Advisors Inc. now owns 24,116 shares of the biopharmaceutical company’s stock valued at $940,000 after buying an additional 20,891 shares during the last quarter. Capital International Investors raised its position in Xenon Pharmaceuticals by 0.8% during the 1st quarter. Capital International Investors now owns 2,475,859 shares of the biopharmaceutical company’s stock worth $106,586,000 after buying an additional 20,176 shares during the last quarter. Westfield Capital Management Co. LP lifted its holdings in Xenon Pharmaceuticals by 46.3% in the first quarter. Westfield Capital Management Co. LP now owns 347,351 shares of the biopharmaceutical company’s stock valued at $14,953,000 after acquiring an additional 109,856 shares during the period. Finally, DNB Asset Management AS raised its holdings in Xenon Pharmaceuticals by 39.2% during the second quarter. DNB Asset Management AS now owns 175,733 shares of the biopharmaceutical company’s stock worth $6,852,000 after purchasing an additional 49,483 shares during the last quarter. 95.45% of the stock is owned by institutional investors and hedge funds.

Xenon Pharmaceuticals Price Performance

Xenon Pharmaceuticals stock opened at $41.69 on Friday. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of -15.22 and a beta of 1.25. The firm has a 50-day moving average of $40.61 and a two-hundred day moving average of $40.17. Xenon Pharmaceuticals has a 1 year low of $27.99 and a 1 year high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE) last issued its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.05). During the same quarter last year, the company earned ($0.72) earnings per share. Research analysts expect that Xenon Pharmaceuticals will post -3.1 earnings per share for the current year.

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.