Wedbush Lowers Xenon Pharmaceuticals (NASDAQ:XENE) Price Target to $55.00

Xenon Pharmaceuticals (NASDAQ:XENE) had its price target dropped by investment analysts at Wedbush from $71.00 to $55.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Wedbush’s price objective would indicate a potential upside of 29.06% from the stock’s current price.

A number of other research firms have also issued reports on XENE. Needham & Company LLC dropped their price target on Xenon Pharmaceuticals from $78.00 to $60.00 and set a “buy” rating for the company in a research report on Friday. Robert W. Baird cut their price target on Xenon Pharmaceuticals from $97.00 to $90.00 and set an “outperform” rating for the company in a report on Friday. Royal Bank Of Canada reduced their price objective on Xenon Pharmaceuticals from $82.00 to $81.00 and set an “outperform” rating on the stock in a research report on Friday, August 7th. JPMorgan Chase & Co. boosted their price objective on Xenon Pharmaceuticals from $80.00 to $82.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 27th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Xenon Pharmaceuticals in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $71.67.

Xenon Pharmaceuticals Trading Down 25.7%

NASDAQ:XENE opened at $42.62 on Friday. The company has a market cap of $4.12 billion, a P/E ratio of -9.14 and a beta of 0.61. Xenon Pharmaceuticals has a twelve month low of $35.97 and a twelve month high of $72.66. The company’s 50-day moving average price is $62.70 and its 200-day moving average price is $58.07.

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

Insider Activity

In other news, insider Christopher Kenney sold 7,068 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $60.25, for a total value of $425,847.00. Following the completion of the sale, the insider owned 2 shares of the company’s stock, valued at $120.50. This represents a 99.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 that occurred on 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 owned 1,870 shares of the company’s stock, valued at $119,792.20. This represents a 84.25% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.91% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Tidal Investments LLC increased its stake in Xenon Pharmaceuticals by 33.1% during the second quarter. Tidal Investments LLC now owns 8,283 shares of the biopharmaceutical company’s stock worth $500,000 after acquiring an additional 2,058 shares during the last quarter. Engineers Gate Manager LP lifted its stake in shares of Xenon Pharmaceuticals by 566.8% in the 2nd quarter. Engineers Gate Manager LP now owns 62,183 shares of the biopharmaceutical company’s stock valued at $3,753,000 after purchasing an additional 52,857 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of Xenon Pharmaceuticals in the 2nd quarter valued at $6,813,000. Arizona State Retirement System grew its holdings in shares of Xenon Pharmaceuticals by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 22,382 shares of the biopharmaceutical company’s stock worth $1,351,000 after purchasing an additional 513 shares during the period. Finally, Nykredit A S purchased a new position in shares of Xenon Pharmaceuticals during the 2nd quarter worth $67,000. 95.45% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Xenon Pharmaceuticals

Here are the key news stories impacting Xenon Pharmaceuticals this week:

• Positive Sentiment: Xenon submitted a New Drug Application (NDA) to the FDA for azetukalner as a treatment for focal seizures. The filing advances the drug toward a potential U.S. approval and commercial launch in epilepsy. Xenon Announces Azetukalner NDA Submission to FDA for Focal Seizures
• Positive Sentiment: Robert W. Baird reduced its price target from $97 to $90 but maintained an “outperform” rating, implying substantial upside based on the current share price.
• Positive Sentiment: Needham lowered its target from $78 to $60 while retaining a “buy” rating. The smaller target reflects more cautious expectations but still indicates modest potential upside.
• Neutral Sentiment: Management’s update and an analyst transcript provide additional detail on the focal-seizure NDA and the broader psychiatry development strategy, with investors likely focused on regulatory timing and the safety review. Xenon Psychiatry Program Update Transcript
• Negative Sentiment: Xenon paused enrollment in azetukalner trials for major depressive disorder and bipolar depression after reports of mental and nervous-system-related adverse events. The pause raises safety, timeline and commercial- opportunity concerns for the psychiatry program. Xenon Pauses Depression and Bipolar Trials

Xenon Pharmaceuticals Company Profile

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.