Xenon Pharmaceuticals (NASDAQ:XENE) Trading 6% Higher

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) shares were up 6% on Tuesday . The stock traded as high as $39.44 and last traded at $39.42. Approximately 128,257 shares were traded during trading, a decline of 68% from the average daily volume of 397,243 shares. The stock had previously closed at $37.19.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on XENE. Royal Bank of Canada restated an “outperform” rating and issued a $55.00 target price on shares of Xenon Pharmaceuticals in a research note on Tuesday, June 18th. Cantor Fitzgerald restated an “overweight” rating and set a $65.00 price objective on shares of Xenon Pharmaceuticals in a research note on Wednesday, April 10th. Needham & Company LLC reiterated a “buy” rating and issued a $62.00 target price on shares of Xenon Pharmaceuticals in a research note on Friday, May 10th. Citigroup lowered their price target on shares of Xenon Pharmaceuticals from $62.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, May 10th. Finally, Wedbush cut their price objective on shares of Xenon Pharmaceuticals from $51.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.11.

Xenon Pharmaceuticals Price Performance

The firm’s fifty day moving average is $38.78 and its two-hundred day moving average is $42.73. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of -15.20 and a beta of 1.26.

Xenon Pharmaceuticals (NASDAQ:XENE) last issued its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.62) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.07. The company had revenue of $1.00 million during the quarter. During the same period in the prior year, the company posted ($0.63) earnings per share. The company’s revenue for the quarter was up .0% on a year-over-year basis. On average, equities analysts forecast that Xenon Pharmaceuticals Inc. will post -2.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Walleye Capital LLC lifted its holdings in shares of Xenon Pharmaceuticals by 40.5% in the third quarter. Walleye Capital LLC now owns 126,028 shares of the biopharmaceutical company’s stock valued at $4,305,000 after buying an additional 36,324 shares during the period. Franklin Resources Inc. boosted its position in shares of Xenon Pharmaceuticals by 70.2% during the 4th quarter. Franklin Resources Inc. now owns 293,825 shares of the biopharmaceutical company’s stock valued at $13,534,000 after purchasing an additional 121,213 shares in the last quarter. Perceptive Advisors LLC grew its stake in shares of Xenon Pharmaceuticals by 78.3% in the 4th quarter. Perceptive Advisors LLC now owns 1,100,748 shares of the biopharmaceutical company’s stock worth $50,700,000 after purchasing an additional 483,248 shares during the last quarter. Affinity Asset Advisors LLC raised its holdings in shares of Xenon Pharmaceuticals by 53.1% in the 4th quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the biopharmaceutical company’s stock worth $21,188,000 after purchasing an additional 159,562 shares in the last quarter. Finally, Lighthouse Investment Partners LLC acquired a new stake in Xenon Pharmaceuticals during the fourth quarter valued at approximately $1,279,000. 95.45% of the stock is owned by institutional investors.

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.