Xenon Pharmaceuticals (NASDAQ:XENE) Rating Lowered to Strong Sell at Wall Street Zen

Xenon Pharmaceuticals (NASDAQ:XENE) was downgraded by equities researchers at Wall Street Zen from a “sell” rating to a “strong sell” rating in a note issued to investors on Saturday, Wall Street Zen reports.

A number of other equities analysts have also recently issued reports on XENE. JPMorgan Chase & Co. upped their price objective on shares of Xenon Pharmaceuticals from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 27th. HC Wainwright restated a “buy” rating on shares of Xenon Pharmaceuticals in a research report on Friday. Weiss Ratings restated a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a research report on Monday, July 6th. Wedbush decreased their target price on shares of Xenon Pharmaceuticals from $71.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Needham & Company LLC lowered their price target on shares of Xenon Pharmaceuticals from $78.00 to $60.00 and set a “buy” rating for the company in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Xenon Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $70.93.

Xenon Pharmaceuticals Price Performance

NASDAQ:XENE opened at $39.75 on Friday. The stock’s 50-day simple moving average is $62.12 and its 200 day simple moving average is $58.05. The firm has a market capitalization of $3.84 billion, a PE ratio of -8.39 and a beta of 0.61. Xenon Pharmaceuticals has a twelve month low of $35.97 and a twelve month high of $72.66.

Xenon Pharmaceuticals (NASDAQ:XENE) last issued its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.11) EPS for the quarter, topping the consensus estimate of ($1.16) by $0.05. During the same period last year, the company posted ($1.07) EPS. On average, analysts anticipate that Xenon Pharmaceuticals will post -4.7 EPS for the current fiscal year.

Insider Activity

In other news, Director Steven Gannon sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $64.06, for a total value of $640,600.00. Following the completion of the transaction, the director owned 1,870 shares of the company’s stock, valued at $119,792.20. This represents a 84.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Christopher Kenney sold 7,068 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $60.25, for a total transaction of $425,847.00. Following the completion of the transaction, the insider owned 2 shares of the company’s stock, valued at approximately $120.50. This trade represents a 99.97% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 2.91% of the company’s stock.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Several large investors have recently modified their holdings of the business. Tidal Investments LLC increased its holdings in Xenon Pharmaceuticals by 33.1% in the second quarter. Tidal Investments LLC now owns 8,283 shares of the biopharmaceutical company’s stock valued at $500,000 after purchasing an additional 2,058 shares during the period. Engineers Gate Manager LP raised its position in Xenon Pharmaceuticals by 566.8% during the 2nd quarter. Engineers Gate Manager LP now owns 62,183 shares of the biopharmaceutical company’s stock worth $3,753,000 after purchasing an additional 52,857 shares during the last quarter. Squarepoint Ops LLC acquired a new position in Xenon Pharmaceuticals during the 2nd quarter worth about $6,813,000. Arizona State Retirement System lifted its holdings in Xenon Pharmaceuticals by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 22,382 shares of the biopharmaceutical company’s stock worth $1,351,000 after buying an additional 513 shares during the period. Finally, Nykredit A S bought a new stake in shares of Xenon Pharmaceuticals in the 2nd quarter valued at about $67,000. Institutional investors own 95.45% of the company’s stock.

Trending Headlines about Xenon Pharmaceuticals

Here are the key news stories impacting Xenon Pharmaceuticals this week:

• Positive Sentiment: Xenon submitted an NDA for azetukalner in focal seizures, advancing the drug toward potential commercialization in an indication that analysts believe still supports the program’s core value. Xenon Announces Azetukalner NDA Submission to FDA for Focal Seizures
• Positive Sentiment: Despite lowering their estimates, RBC Capital Markets, Wedbush, Robert W. Baird and Needham retained positive ratings, indicating analysts continue to see meaningful value in the focal-seizure opportunity. Xenon Pharmaceuticals’ Azetukalner Retains Core Epilepsy Value
• Neutral Sentiment: Analysts cut price targets to ranges of $55 to $90, but maintained “outperform” or “buy” recommendations. The revisions reflect greater risk from the psychiatry program rather than a loss of confidence in the company’s epilepsy prospects.
• Negative Sentiment: Xenon voluntarily paused new enrollment in major depression and bipolar depression studies after reports of mental- and nervous-system-related adverse events. The company said the events were consistent with azetukalner’s known safety profile, but they had not been observed in the earlier Phase 2 X-NOVA depression trial, raising uncertainty about the drug’s broader psychiatric potential. Xenon Pauses Depression and Bipolar Trial Enrollment
• Negative Sentiment: The enrollment pause increases regulatory, timeline and commercial risks for a key expansion opportunity and triggered unusually heavy trading as investors reassessed azetukalner’s risk-benefit profile. Xenon Pharmaceuticals Falls After Depression Trial Enrollment Pause

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals Inc (NASDAQ:XENE) is a clinical-stage biopharmaceutical company focused on developing medicines for neurological and psychiatric disorders. The company uses its expertise in ion channels, which regulate the electrical activity of nerve cells, to discover and advance potential treatments for conditions with significant unmet medical needs.

Xenon’s leading investigational product is azetukalner (XEN1101), an oral, small-molecule potassium-channel opener being studied in epilepsy, including focal-onset seizures, and major depressive disorder.