Xenon Pharmaceuticals (NASDAQ:XENE) Given Outperform Rating at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Xenon Pharmaceuticals (NASDAQ:XENE) in a report released on Tuesday, Benzinga reports. The brokerage currently has a $55.00 price target on the biopharmaceutical company’s stock.

Several other brokerages have also issued reports on XENE. Cantor Fitzgerald restated an overweight rating and issued a $65.00 price objective on shares of Xenon Pharmaceuticals in a report on Friday, August 9th. Citigroup lowered their target price on Xenon Pharmaceuticals from $62.00 to $60.00 and set a buy rating on the stock in a report on Friday, May 10th. Needham & Company LLC decreased their price target on Xenon Pharmaceuticals from $62.00 to $60.00 and set a buy rating on the stock in a research note on Monday, August 12th. Finally, Wedbush cut their price objective on Xenon Pharmaceuticals from $50.00 to $49.00 and set an outperform rating on the stock in a report on Friday, August 9th. One analyst has rated the stock with a sell rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Xenon Pharmaceuticals has a consensus rating of Moderate Buy and a consensus target price of $58.78.

Xenon Pharmaceuticals Stock Down 3.5 %

Shares of Xenon Pharmaceuticals stock opened at $38.47 on Tuesday. Xenon Pharmaceuticals has a 52 week low of $27.99 and a 52 week high of $50.99. The firm has a market capitalization of $2.91 billion, a P/E ratio of -14.20 and a beta of 1.25. The company has a 50 day moving average price of $40.53 and a 200 day moving average price of $41.25.

Xenon Pharmaceuticals (NASDAQ:XENE) last released 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 quarter in the previous year, the business earned ($0.72) EPS. As a group, research analysts anticipate that Xenon Pharmaceuticals will post -3.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Several large investors have recently modified their holdings of the stock. Avoro Capital Advisors LLC boosted its position 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 valued at $261,007,000 after buying an additional 766,666 shares during the last quarter. Driehaus Capital Management LLC increased its holdings in Xenon Pharmaceuticals by 2.3% in the second quarter. Driehaus Capital Management LLC now owns 4,419,472 shares of the biopharmaceutical company’s stock valued at $172,315,000 after purchasing an additional 97,732 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Xenon Pharmaceuticals by 140.9% in 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 in the last quarter. Capital World Investors increased its holdings in shares of Xenon Pharmaceuticals by 17.9% in the fourth quarter. Capital World Investors now owns 2,681,537 shares of the biopharmaceutical company’s stock worth $123,512,000 after acquiring an additional 406,563 shares in the last quarter. Finally, Capital International Investors boosted its position in shares of Xenon Pharmaceuticals by 0.8% during the first quarter. Capital International Investors now owns 2,475,859 shares of the biopharmaceutical company’s stock worth $106,586,000 after buying an additional 20,176 shares during the period. 95.45% of the stock is currently 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.