Xenon Pharmaceuticals (NASDAQ:XENE) Price Target Cut to $70.00 by Analysts at Royal Bank Of Canada

Xenon Pharmaceuticals (NASDAQ:XENE) had its target price dropped by Royal Bank Of Canada from $81.00 to $70.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank Of Canada’s target price suggests a potential upside of 70.05% from the company’s current price.

Other analysts also recently issued reports about the company. Wells Fargo & Company decreased their price target on Xenon Pharmaceuticals from $69.00 to $64.00 and set an “overweight” rating for the company in a research report on Friday. JPMorgan Chase & Co. upped their price objective on Xenon Pharmaceuticals from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Wednesday, May 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a research report on Monday, July 6th. Wedbush lowered their target price on Xenon Pharmaceuticals from $71.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday. Finally, Needham & Company LLC cut their price target on shares of Xenon Pharmaceuticals from $78.00 to $60.00 and set a “buy” rating on the stock in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $70.93.

Xenon Pharmaceuticals Stock Down 28.2%

Xenon Pharmaceuticals stock traded down $16.18 during midday trading on Friday, hitting $41.16. 4,645,530 shares of the stock were exchanged, compared to its average volume of 1,226,577. Xenon Pharmaceuticals has a 52-week low of $35.97 and a 52-week high of $72.66. The stock has a market capitalization of $3.98 billion, a price-to-earnings ratio of -8.65 and a beta of 0.61. The business’s 50-day moving average price is $62.70 and its 200-day moving average price is $58.07.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.11) EPS for the quarter, beating the consensus estimate of ($1.16) by $0.05. During the same quarter in the previous year, the business posted ($1.07) earnings per share. On average, sell-side analysts predict that Xenon Pharmaceuticals will post -4.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Christopher Kenney sold 7,068 shares of the business’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $60.25, for a total transaction of $425,847.00. Following the sale, the insider directly owned 2 shares in the company, valued at approximately $120.50. The trade was a 99.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Steven Gannon sold 10,000 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $64.06, for a total value of $640,600.00. Following the sale, the director directly owned 1,870 shares in the company, valued at $119,792.20. This trade represents a 84.25% decrease in their position. The disclosure for this sale is available in the SEC filing. 2.91% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Xenon Pharmaceuticals in the 2nd quarter valued at about $454,057,000. Jupiter Topco LLC purchased a new position in shares of Xenon Pharmaceuticals during the second quarter worth about $252,673,000. Orbimed Advisors LLC increased its position in shares of Xenon Pharmaceuticals by 137.0% in the first quarter. Orbimed Advisors LLC now owns 1,059,971 shares of the biopharmaceutical company’s stock worth $61,637,000 after purchasing an additional 612,771 shares during the last quarter. Siren L.L.C. increased its position in shares of Xenon Pharmaceuticals by 62.2% in the first quarter. Siren L.L.C. now owns 1,318,564 shares of the biopharmaceutical company’s stock worth $76,674,000 after purchasing an additional 505,803 shares during the last quarter. Finally, Octagon Capital Advisors LP purchased a new stake in Xenon Pharmaceuticals in the first quarter valued at approximately $28,494,000. 95.45% of the stock is currently owned by institutional investors.

Xenon Pharmaceuticals News Roundup

Here are the key news stories impacting Xenon Pharmaceuticals this week:

• Positive Sentiment: Xenon submitted a New Drug Application to the FDA for azetukalner in focal seizures, a major regulatory milestone that could support the drug’s first potential commercial indication. Xenon NDA submission announcement
• Positive Sentiment: Despite reducing their valuation assumptions, Wedbush, Robert W. Baird, and Needham retained bullish ratings of “outperform” or “buy.” Their revised targets still indicate substantial potential upside from the current trading level: $55, $90, and $60, respectively. Analyst actions on Xenon Pharmaceuticals
• Neutral Sentiment: The FDA filing advances azetukalner’s focal-seizure program, while the company’s broader psychiatry strategy is being reassessed following reported adverse events involving mental and nervous-system symptoms. Xenon clinical program update transcript
• Negative Sentiment: Xenon temporarily halted new enrollment in depression and bipolar-disorder trials after adverse events were reported. The pause raises safety, timing, and commercial-viability risks for azetukalner’s psychiatric opportunity and prompted the sharp decline in XENE shares. Reuters report on Xenon trial pause
• Negative Sentiment: Analysts lowered their price targets substantially, signaling reduced confidence in the company’s near-term risk-reward profile even though their overall ratings remain positive. Xenon stock market update

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals Inc (NASDAQ:XENE) is a clinical-stage biopharmaceutical company focused on developing medicines for neurological and psychiatric disorders. The company uses its expertise in ion channels, which regulate the electrical activity of nerve cells, to discover and advance potential treatments for conditions with significant unmet medical needs.

Xenon’s leading investigational product is azetukalner (XEN1101), an oral, small-molecule potassium-channel opener being studied in epilepsy, including focal-onset seizures, and major depressive disorder.