JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Xenon Pharmaceuticals (NASDAQ:XENE) Stock

Xenon Pharmaceuticals (NASDAQ:XENE) had its target price boosted by analysts at JPMorgan Chase & Co. from $57.00 to $60.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the biopharmaceutical company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 47.42% from the stock’s previous close.

A number of other analysts have also recently issued reports on the stock. Royal Bank Of Canada increased their price objective on shares of Xenon Pharmaceuticals from $55.00 to $58.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 4th. Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price target on shares of Xenon Pharmaceuticals in a report on Tuesday, November 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a research note on Tuesday, October 14th. Chardan Capital reissued a “buy” rating and issued a $55.00 price target on shares of Xenon Pharmaceuticals in a report on Tuesday, October 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $55.00 price objective on shares of Xenon Pharmaceuticals in a report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.27.

Xenon Pharmaceuticals Stock Up 0.2%

NASDAQ:XENE traded up $0.09 during mid-day trading on Tuesday, hitting $40.70. 141,776 shares of the company traded hands, compared to its average volume of 854,623. The stock’s fifty day moving average price is $39.52 and its 200-day moving average price is $35.53. The firm has a market cap of $3.15 billion, a price-to-earnings ratio of -11.44 and a beta of 1.10. Xenon Pharmaceuticals has a one year low of $26.74 and a one year high of $44.23.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its quarterly earnings data on Monday, November 3rd. The biopharmaceutical company reported ($1.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.16) by $0.01. The business’s revenue was up .0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.81) EPS. Equities analysts predict that Xenon Pharmaceuticals will post -3.1 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Ian Mortimer sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $40.16, for a total value of $1,004,000.00. Following the completion of the sale, the chief executive officer directly owned 31,302 shares of the company’s stock, valued at $1,257,088.32. This trade represents a 44.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.07% of the stock is owned by insiders.

Institutional Trading of Xenon Pharmaceuticals

Institutional investors have recently bought and sold shares of the stock. Arizona State Retirement System boosted its stake in Xenon Pharmaceuticals by 1.8% during the third quarter. Arizona State Retirement System now owns 19,290 shares of the biopharmaceutical company’s stock worth $774,000 after buying an additional 334 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Xenon Pharmaceuticals by 15.7% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,964 shares of the biopharmaceutical company’s stock worth $93,000 after purchasing an additional 403 shares during the last quarter. Natixis Advisors LLC boosted its position in shares of Xenon Pharmaceuticals by 1.9% during the first quarter. Natixis Advisors LLC now owns 24,010 shares of the biopharmaceutical company’s stock valued at $806,000 after buying an additional 456 shares during the period. Quarry LP grew its stake in shares of Xenon Pharmaceuticals by 25.0% during the third quarter. Quarry LP now owns 2,500 shares of the biopharmaceutical company’s stock valued at $100,000 after buying an additional 500 shares during the last quarter. Finally, State of Wyoming raised its holdings in shares of Xenon Pharmaceuticals by 112.8% in the third quarter. State of Wyoming now owns 1,151 shares of the biopharmaceutical company’s stock worth $46,000 after buying an additional 610 shares during the period. 95.45% of the stock is currently owned by institutional investors.

Xenon Pharmaceuticals Company Profile

Xenon Pharmaceuticals Inc, a neuroscience-focused biopharmaceutical company, engages in the development of therapeutics to treat patients with neurological disorders in Canada. Its clinical development pipeline includes XEN1101, a novel and potent Kv7 potassium channel opener, which is in Phase 3 clinical trials for the treatment of epilepsy and other neurological disorders.