Xenon Pharmaceuticals (NASDAQ:XENE) Research Coverage Started at HC Wainwright

HC Wainwright assumed coverage on shares of Xenon Pharmaceuticals (NASDAQ:XENE) in a research report released on Tuesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $53.00 price objective on the biopharmaceutical company’s stock. HC Wainwright also issued estimates for Xenon Pharmaceuticals’ Q3 2024 earnings at ($0.80) EPS, Q4 2024 earnings at ($0.81) EPS, FY2024 earnings at ($2.97) EPS, FY2025 earnings at ($3.45) EPS, FY2026 earnings at ($4.28) EPS, FY2027 earnings at ($4.82) EPS and FY2028 earnings at ($4.39) EPS.

A number of other brokerages have also recently commented on XENE. Needham & Company LLC dropped their price target on Xenon Pharmaceuticals from $62.00 to $60.00 and set a buy rating on the stock in a research report on Monday, August 12th. William Blair raised Xenon Pharmaceuticals to a strong-buy rating in a research report on Friday, August 30th. Royal Bank of Canada reissued an outperform rating and issued a $55.00 price target on shares of Xenon Pharmaceuticals in a research report on Tuesday, September 3rd. Cantor Fitzgerald reissued an overweight rating and issued a $65.00 price target on shares of Xenon Pharmaceuticals in a research report on Friday, August 9th. Finally, Wedbush lowered their price objective on Xenon Pharmaceuticals from $50.00 to $49.00 and set an outperform rating on the stock in a research report on Friday, August 9th. One research analyst has rated the stock with a sell rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $58.20.

Xenon Pharmaceuticals Stock Performance

Xenon Pharmaceuticals stock opened at $39.70 on Tuesday. The stock’s 50 day simple moving average is $40.17 and its two-hundred day simple moving average is $40.30. The stock has a market cap of $3.00 billion, a price-to-earnings ratio of -14.65 and a beta of 1.25. Xenon Pharmaceuticals has a fifty-two week low of $27.99 and a fifty-two week high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE) last issued its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.05). During the same period in the previous year, the company earned ($0.72) earnings per share. On average, analysts predict that Xenon Pharmaceuticals will post -3.16 earnings per share for the current year.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP increased its stake in Xenon Pharmaceuticals by 140.9% in the 4th quarter. Wellington Management Group LLP now owns 4,162,654 shares of the biopharmaceutical company’s stock worth $191,732,000 after buying an additional 2,434,546 shares in the last quarter. First Light Asset Management LLC increased its stake in Xenon Pharmaceuticals by 173.3% in 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 buying an additional 1,043,420 shares in the last quarter. Avoro Capital Advisors LLC increased its stake in Xenon Pharmaceuticals by 15.6% in the 4th quarter. Avoro Capital Advisors LLC now owns 5,666,666 shares of the biopharmaceutical company’s stock worth $261,007,000 after buying an additional 766,666 shares in the last quarter. Avidity Partners Management LP increased its stake in Xenon Pharmaceuticals by 153.9% in the 4th quarter. Avidity Partners Management LP now owns 815,993 shares of the biopharmaceutical company’s stock worth $37,585,000 after buying an additional 494,593 shares in the last quarter. Finally, Perceptive Advisors LLC increased its stake in 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 buying an additional 483,248 shares in the last quarter. 95.45% of the stock is owned by institutional investors.

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.