Bank of New York Mellon Corp Decreases Stake in Xenon Pharmaceuticals Inc. (NASDAQ:XENE)

Bank of New York Mellon Corp decreased its stake in shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE) by 48.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 199,387 shares of the biopharmaceutical company’s stock after selling 188,973 shares during the period. Bank of New York Mellon Corp owned about 0.32% of Xenon Pharmaceuticals worth $7,136,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Cheyne Capital Management UK LLP bought a new position in shares of Xenon Pharmaceuticals during the 4th quarter valued at $1,676,000. Moore Capital Management LP grew its stake in shares of Xenon Pharmaceuticals by 25.7% during the 4th quarter. Moore Capital Management LP now owns 129,417 shares of the biopharmaceutical company’s stock valued at $5,103,000 after purchasing an additional 26,440 shares during the period. Driehaus Capital Management LLC grew its stake in shares of Xenon Pharmaceuticals by 3.9% during the 4th quarter. Driehaus Capital Management LLC now owns 4,681,797 shares of the biopharmaceutical company’s stock valued at $184,603,000 after purchasing an additional 177,777 shares during the period. Lord Abbett & CO. LLC grew its stake in shares of Xenon Pharmaceuticals by 11.0% during the 4th quarter. Lord Abbett & CO. LLC now owns 2,124,009 shares of the biopharmaceutical company’s stock valued at $83,749,000 after purchasing an additional 210,148 shares during the period. Finally, Granahan Investment Management LLC lifted its stake in shares of Xenon Pharmaceuticals by 8.1% in the 4th quarter. Granahan Investment Management LLC now owns 324,250 shares of the biopharmaceutical company’s stock worth $12,785,000 after purchasing an additional 24,395 shares during the period. Hedge funds and other institutional investors own 95.70% of the company’s stock.

Insider Activity

In related news, Director Dawn Svoronos sold 25,000 shares of the business’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $38.70, for a total value of $967,500.00. Following the sale, the director now directly owns 25,000 shares in the company, valued at $967,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 5.43% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on XENE shares. Needham & Company LLC restated a “buy” rating and set a $50.00 target price on shares of Xenon Pharmaceuticals in a research report on Thursday, August 10th. Stifel Nicolaus boosted their price objective on shares of Xenon Pharmaceuticals from $52.00 to $53.00 in a research report on Wednesday, May 10th. Wedbush reiterated an “outperform” rating and set a $47.00 target price on shares of Xenon Pharmaceuticals in a research report on Thursday, August 10th. Cantor Fitzgerald reiterated an “overweight” rating and set a $58.00 target price on shares of Xenon Pharmaceuticals in a research report on Tuesday, August 22nd. Finally, StockNews.com started coverage on Xenon Pharmaceuticals in a research note on Thursday, August 17th. They issued a “sell” rating on the stock. One 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.40.

Xenon Pharmaceuticals Price Performance

Shares of XENE opened at $39.73 on Tuesday. The firm has a market cap of $2.55 billion, a P/E ratio of -15.96 and a beta of 1.34. Xenon Pharmaceuticals Inc. has a 1 year low of $31.79 and a 1 year high of $43.75. The company has a 50 day simple moving average of $37.92 and a two-hundred day simple moving average of $38.28.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its earnings results on Wednesday, August 9th. The biopharmaceutical company reported ($0.72) earnings per share for the quarter, missing the consensus estimate of ($0.69) by ($0.03). The firm’s revenue was down 100.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.55) EPS. On average, sell-side analysts anticipate that Xenon Pharmaceuticals Inc. will post -2.89 earnings per share for the current year.

Xenon Pharmaceuticals Profile

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.