Brokerages Set Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Price Target at $56.00

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) has received a consensus recommendation of “Buy” from the nine brokerages that are covering the stock, Marketbeat.com reports. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $56.00.

Several equities analysts recently issued reports on XENE shares. HC Wainwright restated a “buy” rating and issued a $53.00 price target on shares of Xenon Pharmaceuticals in a research report on Thursday, December 12th. William Blair raised Xenon Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. Royal Bank of Canada restated an “outperform” rating and set a $55.00 price objective on shares of Xenon Pharmaceuticals in a research report on Tuesday, September 3rd. Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Xenon Pharmaceuticals in a research note on Wednesday, November 13th. Finally, Raymond James reiterated an “outperform” rating and set a $50.00 price objective on shares of Xenon Pharmaceuticals in a report on Thursday, October 10th.

Xenon Pharmaceuticals Stock Performance

XENE stock opened at $39.48 on Friday. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of -14.00 and a beta of 1.19. The company’s 50 day moving average price is $41.65 and its 200 day moving average price is $40.49. Xenon Pharmaceuticals has a fifty-two week low of $35.53 and a fifty-two week high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.81) EPS for the quarter, beating analysts’ consensus estimates of ($0.82) by $0.01. During the same quarter in the previous year, the company earned ($0.73) earnings per share. Equities analysts forecast that Xenon Pharmaceuticals will post -3.1 EPS for the current fiscal year.

Insider Buying and Selling at Xenon Pharmaceuticals

In related news, CFO Sherry Aulin sold 18,709 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $41.21, for a total transaction of $770,997.89. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Gary Patou sold 4,891 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $41.08, for a total transaction of $200,922.28. Following the sale, the director now owns 23,573 shares in the company, valued at approximately $968,378.84. This trade represents a 17.18 % decrease in their position. The disclosure for this sale can be found here. 5.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. lifted its position in Xenon Pharmaceuticals by 21.6% in the third 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. Advisors Asset Management Inc. grew its holdings in shares of Xenon Pharmaceuticals by 3.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 13,592 shares of the biopharmaceutical company’s stock valued at $535,000 after acquiring an additional 493 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Xenon Pharmaceuticals by 174.7% in 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 in the last quarter. Arizona State Retirement System boosted its holdings in Xenon Pharmaceuticals by 4.0% in the second quarter. Arizona State Retirement System now owns 17,949 shares of the biopharmaceutical company’s stock worth $700,000 after purchasing an additional 688 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in Xenon Pharmaceuticals by 1.6% during the second quarter. Envestnet Asset Management Inc. now owns 48,946 shares of the biopharmaceutical company’s stock worth $1,908,000 after purchasing an additional 769 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.