Robert W. Baird Cuts Xenon Pharmaceuticals (NASDAQ:XENE) Price Target to $90.00

Xenon Pharmaceuticals (NASDAQ:XENE) had its target price cut by Robert W. Baird from $97.00 to $90.00 in a research note released on Friday morning, MarketBeat reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

Several other equities analysts have also commented on XENE. Royal Bank Of Canada decreased their price objective on shares of Xenon Pharmaceuticals from $82.00 to $81.00 and set an “outperform” rating on the stock in a report on Friday, August 7th. Wall Street Zen raised Xenon Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 1st. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $46.00 price target (down from $90.00) on shares of Xenon Pharmaceuticals in a research note on Friday. HC Wainwright restated a “buy” rating and set a $74.00 price target on shares of Xenon Pharmaceuticals in a research report on Monday, August 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a research note on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $70.93.

Xenon Pharmaceuticals Price Performance

Shares of NASDAQ XENE opened at $39.75 on Friday. The company has a 50 day simple moving average of $62.12 and a 200-day simple moving average of $58.05. The company has a market capitalization of $3.84 billion, a P/E ratio of -8.39 and a beta of 0.61. Xenon Pharmaceuticals has a 1 year low of $35.97 and a 1 year high of $72.66.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($1.11) EPS for the quarter, beating analysts’ consensus estimates of ($1.16) by $0.05. During the same quarter last year, the firm posted ($1.07) earnings per share. As a group, research analysts expect that Xenon Pharmaceuticals will post -4.7 EPS for the current year.

Insider Activity at Xenon Pharmaceuticals

In related news, insider Christopher Kenney sold 7,068 shares of Xenon Pharmaceuticals stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $60.25, for a total value of $425,847.00. Following the completion of the transaction, the insider owned 2 shares in the company, valued at approximately $120.50. The trade was a 99.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $64.06, for a total transaction of $640,600.00. Following the sale, the director directly owned 1,870 shares in the company, valued at approximately $119,792.20. The trade was a 84.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.91% of the company’s stock.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Several institutional investors have recently modified their holdings of XENE. Corient Private Wealth LP boosted its holdings in Xenon Pharmaceuticals by 1.5% in the second quarter. Corient Private Wealth LP now owns 28,732 shares of the biopharmaceutical company’s stock valued at $1,734,000 after purchasing an additional 430 shares during the period. Arizona State Retirement System grew its stake in Xenon Pharmaceuticals by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 22,382 shares of the biopharmaceutical company’s stock worth $1,351,000 after purchasing an additional 513 shares in the last quarter. Royal Bank of Canada increased its holdings in Xenon Pharmaceuticals by 0.7% during the 1st quarter. Royal Bank of Canada now owns 90,387 shares of the biopharmaceutical company’s stock worth $5,255,000 after purchasing an additional 630 shares during the period. PNC Financial Services Group Inc. increased its holdings in Xenon Pharmaceuticals by 11.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 6,574 shares of the biopharmaceutical company’s stock worth $295,000 after purchasing an additional 675 shares during the period. Finally, Clearstead Advisors LLC raised its position in Xenon Pharmaceuticals by 214.8% in the 4th quarter. Clearstead Advisors LLC now owns 1,215 shares of the biopharmaceutical company’s stock valued at $54,000 after purchasing an additional 829 shares in the last quarter. Institutional investors and hedge funds own 95.45% of the company’s stock.

Xenon Pharmaceuticals News Roundup

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

• Positive Sentiment: Xenon submitted an NDA for azetukalner in focal seizures, advancing the drug toward potential commercialization in an indication that analysts believe still supports the program’s core value. Xenon Announces Azetukalner NDA Submission to FDA for Focal Seizures
• Positive Sentiment: Despite lowering their estimates, RBC Capital Markets, Wedbush, Robert W. Baird and Needham retained positive ratings, indicating analysts continue to see meaningful value in the focal-seizure opportunity. Xenon Pharmaceuticals’ Azetukalner Retains Core Epilepsy Value
• Neutral Sentiment: Analysts cut price targets to ranges of $55 to $90, but maintained “outperform” or “buy” recommendations. The revisions reflect greater risk from the psychiatry program rather than a loss of confidence in the company’s epilepsy prospects.
• Negative Sentiment: Xenon voluntarily paused new enrollment in major depression and bipolar depression studies after reports of mental- and nervous-system-related adverse events. The company said the events were consistent with azetukalner’s known safety profile, but they had not been observed in the earlier Phase 2 X-NOVA depression trial, raising uncertainty about the drug’s broader psychiatric potential. Xenon Pauses Depression and Bipolar Trial Enrollment
• Negative Sentiment: The enrollment pause increases regulatory, timeline and commercial risks for a key expansion opportunity and triggered unusually heavy trading as investors reassessed azetukalner’s risk-benefit profile. Xenon Pharmaceuticals Falls After Depression Trial Enrollment Pause

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.