Robert W. Baird Issues Pessimistic Forecast for Xenon Pharmaceuticals (NASDAQ:XENE) Stock Price

Xenon Pharmaceuticals (NASDAQ:XENE) had its price target decreased by analysts at Robert W. Baird from $97.00 to $90.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the biopharmaceutical company’s stock. Robert W. Baird’s price objective indicates a potential upside of 56.93% from the stock’s current price.

Several other equities research analysts have also commented on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Xenon Pharmaceuticals in a research report on Monday, July 6th. Wall Street Zen upgraded shares of Xenon Pharmaceuticals from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 1st. Needham & Company LLC reduced their price target on shares of Xenon Pharmaceuticals from $78.00 to $60.00 and set a “buy” rating on the stock in a report on Friday. JPMorgan Chase & Co. increased their price target on shares of Xenon Pharmaceuticals from $80.00 to $82.00 and gave the company an “overweight” rating in a research report on Wednesday, May 27th. Finally, HC Wainwright reissued a “buy” rating and set a $74.00 price objective on shares of Xenon Pharmaceuticals in a research note on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Xenon Pharmaceuticals has an average rating of “Moderate Buy” and an average price target of $72.53.

Xenon Pharmaceuticals Stock Up 1.0%

NASDAQ:XENE opened at $57.35 on Friday. Xenon Pharmaceuticals has a fifty-two week low of $35.97 and a fifty-two week high of $72.66. The stock has a market cap of $5.54 billion, a PE ratio of -12.10 and a beta of 0.61. The firm’s fifty day simple moving average is $62.70 and its 200-day simple moving average is $58.07.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($1.11) EPS for the quarter, beating the consensus estimate of ($1.16) by $0.05. During the same quarter last year, the firm posted ($1.07) earnings per share. Equities analysts anticipate that Xenon Pharmaceuticals will post -4.73 earnings per share for the current year.

Insider Activity

In other Xenon Pharmaceuticals news, insider Christopher Kenney sold 7,068 shares of the firm’s stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $60.25, for a total transaction of $425,847.00. Following the sale, the insider directly owned 2 shares of the company’s stock, valued at $120.50. This trade represents a 99.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 firm’s stock in a transaction dated 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 $119,792.20. This represents a 84.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 2.91% of the company’s stock.

Hedge Funds Weigh In On Xenon Pharmaceuticals

A number of institutional investors have recently modified their holdings of XENE. BlackRock Inc. purchased a new position in shares of Xenon Pharmaceuticals during the second quarter valued at approximately $454,057,000. Jupiter Topco LLC acquired a new stake in Xenon Pharmaceuticals during the second quarter worth approximately $252,673,000. Orbimed Advisors LLC grew its stake in Xenon Pharmaceuticals by 137.0% in the 1st quarter. Orbimed Advisors LLC now owns 1,059,971 shares of the biopharmaceutical company’s stock worth $61,637,000 after acquiring an additional 612,771 shares during the period. Siren L.L.C. grew its stake in Xenon Pharmaceuticals by 62.2% in the 1st quarter. Siren L.L.C. now owns 1,318,564 shares of the biopharmaceutical company’s stock worth $76,674,000 after acquiring an additional 505,803 shares during the period. Finally, Octagon Capital Advisors LP acquired a new position in Xenon Pharmaceuticals in the 1st quarter valued at $28,494,000. Institutional investors and hedge funds own 95.45% of the company’s stock.

About Xenon Pharmaceuticals

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.