Xenon Pharmaceuticals (NASDAQ:XENE) Shares Gap Down – Here’s Why

Xenon Pharmaceuticals Inc. (NASDAQ:XENE)’s share price gapped down prior to trading on Monday . The stock had previously closed at $39.83, but opened at $38.86. Xenon Pharmaceuticals shares last traded at $39.13, with a volume of 109,437 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on XENE. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Xenon Pharmaceuticals in a report on Wednesday, November 13th. Wedbush lowered their target price on Xenon Pharmaceuticals from $50.00 to $49.00 and set an “outperform” rating on the stock in a research note on Friday, August 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $55.00 price target on shares of Xenon Pharmaceuticals in a research report on Tuesday, September 3rd. Cantor Fitzgerald reiterated an “overweight” rating and issued a $65.00 price objective on shares of Xenon Pharmaceuticals in a research note on Friday, August 9th. Finally, William Blair raised shares of Xenon Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. Eleven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Xenon Pharmaceuticals presently has a consensus rating of “Buy” and a consensus price target of $57.45.

Xenon Pharmaceuticals Stock Up 1.4 %

The stock has a 50 day moving average of $41.20 and a two-hundred day moving average of $40.29.

Xenon Pharmaceuticals (NASDAQ:XENE) last issued its quarterly earnings data on Tuesday, November 12th. The biopharmaceutical company reported ($0.81) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.82) by $0.01. During the same quarter last year, the firm earned ($0.73) earnings per share. On average, research analysts predict that Xenon Pharmaceuticals Inc. will post -3.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Hedge funds and other institutional investors have recently made changes to their positions in the business. Barclays PLC grew its holdings in Xenon Pharmaceuticals by 1,275.5% in the 3rd quarter. Barclays PLC now owns 14,993 shares of the biopharmaceutical company’s stock valued at $590,000 after buying an additional 13,903 shares during the last quarter. Vestcor Inc bought a new stake in shares of Xenon Pharmaceuticals in the third quarter valued at approximately $327,000. Y Intercept Hong Kong Ltd grew its stake in shares of Xenon Pharmaceuticals by 68.8% in the third quarter. Y Intercept Hong Kong Ltd now owns 24,557 shares of the biopharmaceutical company’s stock worth $967,000 after acquiring an additional 10,007 shares during the last quarter. Wellington Management Group LLP increased its position in Xenon Pharmaceuticals by 0.4% during the third quarter. Wellington Management Group LLP now owns 3,843,447 shares of the biopharmaceutical company’s stock worth $151,317,000 after acquiring an additional 15,226 shares during the period. Finally, Two Sigma Advisers LP increased its position in Xenon Pharmaceuticals by 31.0% during the third quarter. Two Sigma Advisers LP now owns 273,700 shares of the biopharmaceutical company’s stock worth $10,776,000 after acquiring an additional 64,800 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.