Xenon Pharmaceuticals (NASDAQ:XENE) Receives “Outperform” Rating from Royal Bank of Canada

Posted by Defense World Staff on Sep 24th, 2023

Xenon Pharmaceuticals (NASDAQ:XENE – Get Free Report)‘s stock had its “outperform” rating reaffirmed by Royal Bank of Canada in a report issued on Friday, Benzinga reports. They currently have a $51.00 target price on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 45.01% from the stock’s current price.

Several other research firms also recently issued reports on XENE. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $58.00 price target on shares of Xenon Pharmaceuticals in a research note on Tuesday, August 22nd. Wedbush reaffirmed an “outperform” rating and set a $47.00 price target on shares of Xenon Pharmaceuticals in a research note on Thursday, August 10th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Xenon Pharmaceuticals in a research note on Thursday, August 10th. Finally, StockNews.com raised shares of Xenon Pharmaceuticals to a “sell” rating in a research note on Saturday, September 16th. One investment analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $52.40.

View Our Latest Analysis on XENE

Xenon Pharmaceuticals Price Performance

Shares of NASDAQ:XENE opened at $35.17 on Friday. The company has a market cap of $2.26 billion, a price-to-earnings ratio of -14.12 and a beta of 1.34. The firm has a 50 day simple moving average of $37.46 and a 200 day simple moving average of $38.21. Xenon Pharmaceuticals has a one year low of $31.79 and a one year high of $43.75.

Xenon Pharmaceuticals (NASDAQ:XENE – Get Free Report) last issued its quarterly earnings data on Wednesday, August 9th. The biopharmaceutical company reported ($0.72) EPS for the quarter, missing the consensus estimate of ($0.69) by ($0.03). The company’s revenue was down 100.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.55) EPS. As a group, analysts expect that Xenon Pharmaceuticals will post -2.89 EPS for the current year.

Insider Transactions at Xenon Pharmaceuticals

In other news, Director Dawn Svoronos sold 25,000 shares of the stock in a transaction on Thursday, August 24th. The shares were sold at an average price of $38.70, for a total transaction of $967,500.00. Following the completion of the sale, the director now directly owns 25,000 shares in the company, valued at $967,500. The transaction was disclosed in a filing with the SEC, which is available at this link. 5.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Large investors have recently bought and sold shares of the stock. Parallel Advisors LLC acquired a new stake in Xenon Pharmaceuticals in the second quarter worth $30,000. Wells Fargo & Company MN grew its holdings in Xenon Pharmaceuticals by 124.6% in the fourth quarter. Wells Fargo & Company MN now owns 1,123 shares of the biopharmaceutical company’s stock worth $44,000 after purchasing an additional 623 shares during the period. BNP Paribas Arbitrage SA grew its holdings in Xenon Pharmaceuticals by 1,567.5% in the first quarter. BNP Paribas Arbitrage SA now owns 1,334 shares of the biopharmaceutical company’s stock worth $41,000 after purchasing an additional 1,254 shares during the period. BNP Paribas Arbitrage SNC grew its holdings in shares of Xenon Pharmaceuticals by 40.2% during the second quarter. BNP Paribas Arbitrage SNC now owns 1,441 shares of the biopharmaceutical company’s stock valued at $55,000 after buying an additional 413 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in shares of Xenon Pharmaceuticals by 1,004.5% during the first quarter. Cubist Systematic Strategies LLC now owns 1,955 shares of the biopharmaceutical company’s stock valued at $70,000 after buying an additional 1,778 shares during the last quarter. 95.70% of the stock is currently owned by institutional investors and hedge funds.

About Xenon Pharmaceuticals

(Get Free Report)

Xenon Pharmaceuticals Inc, a clinical-stage biopharmaceutical company, engages in developing therapeutics to treat patients with neurological disorders in Canada. Its clinical development pipeline includes XEN496, a Kv7 potassium channel opener that is Phase III clinical trials for the treatment of KCNQ2 developmental and epileptic encephalopathy; and XEN1101, a Kv7 potassium channel opener, which is in Phase II clinical trial for the treatment of epilepsy and other neurological disorders.