Xenon Pharmaceuticals (NASDAQ:XENE) Sets New 52-Week High – Time to Buy?

Xenon Pharmaceuticals Inc. (NASDAQ:XENE)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $44.87 and last traded at $44.7490, with a volume of 50793 shares traded. The stock had previously closed at $43.94.

Analyst Ratings Changes

A number of brokerages recently issued reports on XENE. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 price objective on shares of Xenon Pharmaceuticals in a research report on Tuesday, November 4th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $44.00 price target (down previously from $48.00) on shares of Xenon Pharmaceuticals in a report on Tuesday, November 4th. Wedbush lifted their price target on Xenon Pharmaceuticals from $42.00 to $43.00 and gave the company an “outperform” rating in a research report on Tuesday, August 12th. Royal Bank Of Canada upped their price objective on shares of Xenon Pharmaceuticals from $55.00 to $58.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 4th. Finally, Chardan Capital raised shares of Xenon Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, November 19th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Xenon Pharmaceuticals currently has an average rating of “Buy” and an average price target of $54.27.

Xenon Pharmaceuticals Trading Up 1.3%

The stock has a market capitalization of $3.44 billion, a PE ratio of -12.55 and a beta of 1.10. The business has a fifty day moving average price of $40.10 and a 200-day moving average price of $35.75.

Xenon Pharmaceuticals (NASDAQ:XENE) last released its earnings results on Monday, November 3rd. The biopharmaceutical company reported ($1.15) earnings per share for the quarter, topping 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 prior year, the company posted ($0.81) earnings per share. On average, equities analysts anticipate that Xenon Pharmaceuticals Inc. will post -3.1 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Ian Mortimer sold 25,000 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were 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 owned 31,302 shares of the company’s stock, valued at approximately $1,257,088.32. This represents a 44.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.07% of the company’s stock.

Institutional Trading of Xenon Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC bought a new position in shares of Xenon Pharmaceuticals during the second quarter valued at about $25,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Xenon Pharmaceuticals in the 1st quarter valued at about $30,000. Elevation Point Wealth Partners LLC purchased a new stake in Xenon Pharmaceuticals during the 2nd quarter valued at about $32,000. Danske Bank A S bought a new position in Xenon Pharmaceuticals during the 3rd quarter worth approximately $32,000. Finally, Aster Capital Management DIFC Ltd purchased a new position in Xenon Pharmaceuticals in the 3rd quarter worth approximately $39,000. 95.45% of the stock is owned by institutional investors.

About Xenon Pharmaceuticals

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.