Xenon Pharmaceuticals (NASDAQ:XENE) Stock Rating Reaffirmed by Needham & Company LLC

Xenon Pharmaceuticals (NASDAQ:XENE)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $62.00 price target on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 50.12% from the company’s previous close.

XENE has been the topic of several other research reports. Citigroup assumed coverage on shares of Xenon Pharmaceuticals in a report on Thursday, January 4th. They issued a “buy” rating and a $62.00 target price on the stock. Bank of America increased their price objective on shares of Xenon Pharmaceuticals from $52.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, January 2nd. JPMorgan Chase & Co. increased their price objective on shares of Xenon Pharmaceuticals from $54.00 to $59.00 and gave the stock an “outperform” rating in a report on Tuesday, December 19th. Stifel Nicolaus increased their price objective on shares of Xenon Pharmaceuticals from $53.00 to $62.00 and gave the stock a “buy” rating in a report on Monday, December 18th. Finally, Wedbush increased their price objective on shares of Xenon Pharmaceuticals from $46.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $59.44.

Xenon Pharmaceuticals Stock Performance

Shares of XENE stock opened at $41.30 on Friday. The firm has a fifty day moving average of $45.50 and a 200-day moving average of $40.66. Xenon Pharmaceuticals has a 52-week low of $27.99 and a 52-week high of $50.99. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of -15.18 and a beta of 1.15.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its earnings results on Thursday, February 29th. The biopharmaceutical company reported ($0.64) earnings per share for the quarter, topping the consensus estimate of ($0.76) by $0.12. During the same quarter in the prior year, the business posted ($0.57) earnings per share. The company’s quarterly revenue was up .0% on a year-over-year basis. On average, sell-side analysts predict that Xenon Pharmaceuticals will post -3.04 earnings per share for the current year.

Insider Buying and Selling at Xenon Pharmaceuticals

In other Xenon Pharmaceuticals news, Director Steven Gannon sold 13,000 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $46.28, for a total transaction of $601,640.00. Following the transaction, the director now directly owns 2,000 shares in the company, valued at approximately $92,560. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Xenon Pharmaceuticals news, Director Steven Gannon sold 13,000 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $46.28, for a total transaction of $601,640.00. Following the transaction, the director now directly owns 2,000 shares in the company, valued at approximately $92,560. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Sherrington Robin sold 7,137 shares of the company’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $46.28, for a total transaction of $330,300.36. Following the transaction, the executive vice president now owns 8,398 shares in the company, valued at $388,659.44. The disclosure for this sale can be found here. Corporate insiders own 5.43% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. 17 Capital Partners LLC bought a new position in Xenon Pharmaceuticals during the 1st quarter worth approximately $122,000. PNC Financial Services Group Inc. bought a new position in Xenon Pharmaceuticals during the 4th quarter worth approximately $91,000. Vanguard Group Inc. boosted its stake in Xenon Pharmaceuticals by 21.2% during the 4th quarter. Vanguard Group Inc. now owns 323,495 shares of the biopharmaceutical company’s stock worth $14,900,000 after acquiring an additional 56,669 shares during the last quarter. Wellington Management Group LLP boosted its stake in Xenon Pharmaceuticals by 140.9% during the 4th 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 during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in Xenon Pharmaceuticals by 47.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 376,302 shares of the biopharmaceutical company’s stock worth $17,332,000 after acquiring an additional 120,934 shares during the last quarter. Institutional investors own 95.45% of the company’s stock.

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.