Xenon Pharmaceuticals (NASDAQ:XENE) Coverage Initiated by Analysts at HC Wainwright

HC Wainwright assumed coverage on shares of Xenon Pharmaceuticals (NASDAQ:XENE) in a report issued on Tuesday, MarketBeat Ratings reports. The firm issued a buy rating and a $53.00 price target on the biopharmaceutical company’s stock. HC Wainwright also issued estimates for Xenon Pharmaceuticals’ Q3 2024 earnings at ($0.80) EPS, Q4 2024 earnings at ($0.81) EPS, FY2024 earnings at ($2.97) EPS, FY2025 earnings at ($3.45) EPS, FY2026 earnings at ($4.28) EPS, FY2027 earnings at ($4.82) EPS and FY2028 earnings at ($4.39) EPS.

XENE has been the subject of several other research reports. Royal Bank of Canada reiterated an outperform rating and issued a $55.00 price target on shares of Xenon Pharmaceuticals in a research report on Tuesday, September 3rd. Needham & Company LLC decreased their price objective on shares of Xenon Pharmaceuticals from $62.00 to $60.00 and set a buy rating for the company in a research note on Monday, August 12th. William Blair raised shares of Xenon Pharmaceuticals to a strong-buy rating in a research note on Friday, August 30th. Wedbush decreased their price objective on shares of Xenon Pharmaceuticals from $50.00 to $49.00 and set an outperform rating for the company in a research note on Friday, August 9th. Finally, Cantor Fitzgerald reissued an overweight rating and issued a $65.00 price objective on shares of Xenon Pharmaceuticals in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $58.20.

Xenon Pharmaceuticals Trading Down 2.8 %

XENE opened at $39.70 on Tuesday. The firm has a market cap of $3.00 billion, a P/E ratio of -14.65 and a beta of 1.25. Xenon Pharmaceuticals has a 12 month low of $27.99 and a 12 month high of $50.99. The stock has a 50-day moving average of $40.17 and a 200 day moving average of $40.30.

Xenon Pharmaceuticals (NASDAQ:XENE) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.05). During the same period in the prior year, the firm posted ($0.72) earnings per share. On average, research analysts forecast that Xenon Pharmaceuticals will post -3.16 earnings per share for the current fiscal year.

Institutional Trading of Xenon Pharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of XENE. Wellington Management Group LLP raised its stake in shares of Xenon Pharmaceuticals by 140.9% during the fourth quarter. Wellington Management Group LLP now owns 4,162,654 shares of the biopharmaceutical company’s stock valued at $191,732,000 after acquiring an additional 2,434,546 shares in the last quarter. First Light Asset Management LLC increased its holdings in Xenon Pharmaceuticals by 173.3% during the fourth quarter. First Light Asset Management LLC now owns 1,645,490 shares of the biopharmaceutical company’s stock valued at $75,791,000 after buying an additional 1,043,420 shares during the period. Avoro Capital Advisors LLC increased its holdings in Xenon Pharmaceuticals by 15.6% during the fourth quarter. Avoro Capital Advisors LLC now owns 5,666,666 shares of the biopharmaceutical company’s stock valued at $261,007,000 after buying an additional 766,666 shares during the period. Avidity Partners Management LP increased its holdings in Xenon Pharmaceuticals by 153.9% during the fourth quarter. Avidity Partners Management LP now owns 815,993 shares of the biopharmaceutical company’s stock valued at $37,585,000 after buying an additional 494,593 shares during the period. Finally, Perceptive Advisors LLC increased its holdings in Xenon Pharmaceuticals by 78.3% during the fourth quarter. Perceptive Advisors LLC now owns 1,100,748 shares of the biopharmaceutical company’s stock valued at $50,700,000 after buying an additional 483,248 shares during the period. Institutional investors own 95.45% of the company’s stock.

Xenon Pharmaceuticals Company Profile

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.