Xenon Pharmaceuticals (NASDAQ:XENE) Shares Up 5.2% Following Insider Buying Activity

Xenon Pharmaceuticals Inc. (NASDAQ:XENE)’s stock price shot up 5.2% during mid-day trading on Thursday following insider buying activity. The stock traded as high as $39.92 and last traded at $39.1350. Approximately 975,245 shares traded hands during trading, a decline of 29% from the average daily volume of 1,366,910 shares. The stock had previously closed at $37.19.

Specifically, CEO Ian Mortimer acquired 30,000 shares of the stock in a transaction dated Wednesday, September 30th. The shares were acquired at an average cost of $37.38 per share, for a total transaction of $1,121,400.00. Following the completion of the transaction, the chief executive officer directly owned 49,923 shares of the company’s stock, valued at approximately $1,866,121.74. The trade was a 150.58% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Thomas Patrick Kelly bought 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 30th. The shares were acquired at an average price of $37.32 per share, with a total value of $559,800.00. Following the transaction, the chief financial officer directly owned 15,000 shares of the company’s stock, valued at $559,800. This represents a ? increase in their position. The disclosure for this purchase is available in the SEC filing.

Wall Street Analyst Weigh In

XENE has been the topic of several recent analyst reports. Wedbush decreased their target price on Xenon Pharmaceuticals from $71.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, September 18th. Wells Fargo & Company cut their price objective on shares of Xenon Pharmaceuticals from $69.00 to $64.00 and set an “overweight” rating for the company in a report on Friday, September 18th. HC Wainwright reiterated a “buy” rating on shares of Xenon Pharmaceuticals in a research report on Friday, September 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a report on Monday, July 6th. Finally, Jefferies Financial Group restated a “buy” rating and set a $90.00 target price on shares of Xenon Pharmaceuticals in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $70.27.

Xenon Pharmaceuticals Price Performance

The firm has a market cap of $3.77 billion, a P/E ratio of -8.23 and a beta of 0.61. The company’s 50-day simple moving average is $57.39 and its 200 day simple moving average is $57.27.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.16) by $0.05. During the same quarter in the prior year, the company earned ($1.07) earnings per share. Analysts anticipate that Xenon Pharmaceuticals Inc. will post -4.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Several large investors have recently added to or reduced their stakes in XENE. Tidal Investments LLC increased its stake in Xenon Pharmaceuticals by 33.1% during the second quarter. Tidal Investments LLC now owns 8,283 shares of the biopharmaceutical company’s stock worth $500,000 after acquiring an additional 2,058 shares during the last quarter. Engineers Gate Manager LP lifted its stake in shares of Xenon Pharmaceuticals by 566.8% in the 2nd quarter. Engineers Gate Manager LP now owns 62,183 shares of the biopharmaceutical company’s stock valued at $3,753,000 after purchasing an additional 52,857 shares during the last quarter. Squarepoint Ops LLC purchased a new position in shares of Xenon Pharmaceuticals in the 2nd quarter worth approximately $6,813,000. Arizona State Retirement System boosted its holdings in shares of Xenon Pharmaceuticals by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 22,382 shares of the biopharmaceutical company’s stock worth $1,351,000 after purchasing an additional 513 shares during the period. Finally, Nykredit A S purchased a new position in shares of Xenon Pharmaceuticals in the 2nd quarter worth approximately $67,000. 95.45% of the stock is owned by institutional investors.

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals Inc is a clinical-stage biopharmaceutical company focused on developing medicines for neurological and psychiatric disorders. The company uses research in ion channels and neuronal signaling to identify potential treatments for conditions with significant unmet medical needs.

Xenon’s lead investigational medicine is azetukalner, also known as XEN1101, a selective potassium channel opener being evaluated for epilepsy and major depressive disorder. The company is also advancing additional programs aimed at genetically defined epilepsies and other disorders of the central nervous system.