Needham & Company LLC Cuts Xenon Pharmaceuticals (NASDAQ:XENE) Price Target to $60.00

Xenon Pharmaceuticals (NASDAQ:XENE) had its target price decreased by Needham & Company LLC from $62.00 to $60.00 in a report published on Monday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the biopharmaceutical company’s stock.

A number of other brokerages also recently weighed in on XENE. Royal Bank of Canada reiterated an outperform rating and issued a $55.00 price objective on shares of Xenon Pharmaceuticals in a research report on Tuesday, June 18th. Cantor Fitzgerald reiterated an overweight rating and set a $65.00 price target on shares of Xenon Pharmaceuticals in a research report on Friday, August 9th. Wedbush cut their price objective on Xenon Pharmaceuticals from $50.00 to $49.00 and set an outperform rating for the company in a research report on Friday, August 9th. Finally, Citigroup decreased their target price on Xenon Pharmaceuticals from $62.00 to $60.00 and set a buy rating on the stock in a research report on Friday, May 10th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $58.78.

Xenon Pharmaceuticals Price Performance

Shares of NASDAQ XENE opened at $38.70 on Monday. The business has a fifty day moving average price of $39.74 and a 200 day moving average price of $42.14. Xenon Pharmaceuticals has a 1-year low of $27.99 and a 1-year high of $50.99. The stock has a market capitalization of $2.92 billion, a P/E ratio of -14.28 and a beta of 1.26.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.05). During the same period last year, the firm earned ($0.72) EPS. As a group, equities research analysts anticipate that Xenon Pharmaceuticals 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 bought and sold shares of the company. Wellington Management Group LLP increased its stake in 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 worth $191,732,000 after acquiring an additional 2,434,546 shares during the last quarter. First Light Asset Management LLC grew its holdings in shares of Xenon Pharmaceuticals by 173.3% during the 4th quarter. First Light Asset Management LLC now owns 1,645,490 shares of the biopharmaceutical company’s stock worth $75,791,000 after purchasing an additional 1,043,420 shares during the period. Avoro Capital Advisors LLC increased its position in shares of Xenon Pharmaceuticals by 15.6% during the 4th quarter. Avoro Capital Advisors LLC now owns 5,666,666 shares of the biopharmaceutical company’s stock worth $261,007,000 after purchasing an additional 766,666 shares during the last quarter. First Turn Management LLC purchased a new stake in Xenon Pharmaceuticals in the 4th quarter valued at about $31,339,000. Finally, Avidity Partners Management LP lifted its position in Xenon Pharmaceuticals by 153.9% in 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 last quarter. 95.45% of the stock is currently owned by institutional investors and hedge funds.

About Xenon Pharmaceuticals

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.