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

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) shares gapped down before the market opened on Tuesday . The stock had previously closed at $36.45, but opened at $35.54. Xenon Pharmaceuticals shares last traded at $35.66, with a volume of 16,629 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. HC Wainwright reissued a “buy” rating and set a $53.00 target price on shares of Xenon Pharmaceuticals in a research report on Monday, February 24th. Deutsche Bank Aktiengesellschaft began coverage on shares of Xenon Pharmaceuticals in a research report on Tuesday, February 11th. They issued a “buy” rating and a $67.00 price objective for the company. Royal Bank of Canada reaffirmed an “outperform” rating on shares of Xenon Pharmaceuticals in a research report on Friday, February 28th. Finally, William Blair reiterated an “outperform” rating on shares of Xenon Pharmaceuticals in a research note on Friday, February 28th. Nine research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $57.38.

Xenon Pharmaceuticals Price Performance

The business’s fifty day simple moving average is $38.11 and its 200 day simple moving average is $39.85. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of -12.44 and a beta of 1.26.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its quarterly earnings results on Thursday, February 27th. The biopharmaceutical company reported ($0.84) EPS for the quarter, beating the consensus estimate of ($0.89) by $0.05. As a group, equities analysts forecast that Xenon Pharmaceuticals Inc. will post -3.1 EPS for the current fiscal year.

Insider Activity at Xenon Pharmaceuticals

In other Xenon Pharmaceuticals news, CEO Ian Mortimer sold 22,468 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $40.20, for a total value of $903,213.60. Following the sale, the chief executive officer now directly owns 31,302 shares of the company’s stock, valued at $1,258,340.40. This trade represents a 41.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 5.52% of the company’s stock.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Institutional investors have recently modified their holdings of the company. GF Fund Management CO. LTD. bought a new position in Xenon Pharmaceuticals in the 4th quarter worth approximately $63,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Xenon Pharmaceuticals by 17.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 191,852 shares of the biopharmaceutical company’s stock valued at $7,521,000 after buying an additional 29,169 shares in the last quarter. Woodline Partners LP bought a new position in Xenon Pharmaceuticals in the 4th quarter valued at about $1,566,000. Vident Advisory LLC acquired a new position in Xenon Pharmaceuticals during the 4th quarter valued at about $212,000. Finally, Two Sigma Advisers LP raised its position in shares of Xenon Pharmaceuticals by 9.1% during the 4th quarter. Two Sigma Advisers LP now owns 298,700 shares of the biopharmaceutical company’s stock worth $11,709,000 after buying an additional 25,000 shares in the last quarter. Institutional investors own 95.45% of the company’s stock.

Xenon Pharmaceuticals Company Profile

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.