HC Wainwright Reaffirms Buy Rating for Xenon Pharmaceuticals (NASDAQ:XENE)

Xenon Pharmaceuticals (NASDAQ:XENE)‘s stock had its “buy” rating reissued by HC Wainwright in a research report issued on Thursday,Benzinga reports. They presently have a $53.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s target price would suggest a potential upside of 32.33% from the company’s current price.

Several other analysts also recently weighed in on the company. Royal Bank of Canada restated an “outperform” rating and issued a $55.00 price target on shares of Xenon Pharmaceuticals in a research note on Tuesday, September 3rd. William Blair upgraded Xenon Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. Raymond James reiterated an “outperform” rating and set a $50.00 target price on shares of Xenon Pharmaceuticals in a research note on Thursday, October 10th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Xenon Pharmaceuticals in a research note on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $56.90.

Xenon Pharmaceuticals Stock Up 1.5 %

Xenon Pharmaceuticals stock opened at $40.05 on Thursday. The company has a market capitalization of $3.05 billion, a P/E ratio of -14.21 and a beta of 1.19. The stock’s 50 day moving average is $41.93 and its 200 day moving average is $40.40. Xenon Pharmaceuticals has a twelve month low of $35.53 and a twelve month high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.81) earnings per share for the quarter, topping the consensus estimate of ($0.82) by $0.01. During the same period in the previous year, the company posted ($0.73) earnings per share. As a group, equities analysts expect that Xenon Pharmaceuticals will post -3.1 EPS for the current year.

Insider Activity

In other news, Director Gary Patou sold 4,891 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $41.08, for a total transaction of $200,922.28. Following the transaction, the director now directly owns 23,573 shares of the company’s stock, valued at $968,378.84. This represents a 17.18 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 5.52% of the company’s stock.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. lifted its holdings in shares of Xenon Pharmaceuticals by 174.7% during the 3rd quarter. Blue Trust Inc. now owns 1,008 shares of the biopharmaceutical company’s stock valued at $39,000 after buying an additional 641 shares during the period. nVerses Capital LLC bought a new position in Xenon Pharmaceuticals in the 3rd quarter worth $102,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Xenon Pharmaceuticals by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,740 shares of the biopharmaceutical company’s stock worth $106,000 after purchasing an additional 487 shares during the period. Quarry LP raised its holdings in Xenon Pharmaceuticals by 207.7% in the 2nd quarter. Quarry LP now owns 4,000 shares of the biopharmaceutical company’s stock worth $156,000 after purchasing an additional 2,700 shares during the period. Finally, Vestcor Inc bought a new position in Xenon Pharmaceuticals in the 3rd quarter worth $327,000. 95.45% of the stock is owned by institutional investors.

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.