Xenon Pharmaceuticals (NASDAQ:XENE) Stock Price Down 7.3% – Should You Sell?

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) shares traded down 7.3% during trading on Thursday . The company traded as low as $39.80 and last traded at $39.83. 258,167 shares changed hands during mid-day trading, a decline of 33% from the average session volume of 386,928 shares. The stock had previously closed at $42.97.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. William Blair raised Xenon Pharmaceuticals to a “strong-buy” rating in a research note on Friday, August 30th. HC Wainwright reaffirmed a “buy” rating and set a $53.00 price objective on shares of Xenon Pharmaceuticals in a research note on Thursday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $55.00 price objective on shares of Xenon Pharmaceuticals in a research note on Tuesday, September 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Xenon Pharmaceuticals in a research note on Wednesday, November 13th. Finally, Raymond James reaffirmed an “outperform” rating and set a $50.00 price objective on shares of Xenon Pharmaceuticals in a research note on Thursday, October 10th. Ten analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $56.90.

Xenon Pharmaceuticals Stock Up 1.5 %

The company has a 50 day moving average of $41.93 and a 200-day moving average of $40.40.

Xenon Pharmaceuticals (NASDAQ:XENE) last issued its quarterly earnings data on Tuesday, November 12th. The biopharmaceutical company reported ($0.81) EPS for the quarter, topping the consensus estimate of ($0.82) by $0.01. During the same quarter in the previous year, the business earned ($0.73) earnings per share. On average, analysts predict that Xenon Pharmaceuticals Inc. will post -3.1 EPS for the current fiscal year.

Insider Transactions at Xenon Pharmaceuticals

In related news, Director Gary Patou sold 4,891 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $41.08, for a total value of $200,922.28. Following the transaction, the director now directly owns 23,573 shares of the company’s stock, valued at approximately $968,378.84. This represents a 17.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 5.52% of the company’s stock.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the stock. Loomis Sayles & Co. L P increased its stake in shares of Xenon Pharmaceuticals by 7.1% in the 3rd quarter. Loomis Sayles & Co. L P now owns 707,222 shares of the biopharmaceutical company’s stock worth $27,843,000 after purchasing an additional 46,964 shares in the last quarter. Vestal Point Capital LP increased its stake in shares of Xenon Pharmaceuticals by 57.1% in the 3rd quarter. Vestal Point Capital LP now owns 825,000 shares of the biopharmaceutical company’s stock worth $32,480,000 after purchasing an additional 300,000 shares in the last quarter. Driehaus Capital Management LLC increased its stake in Xenon Pharmaceuticals by 2.3% in the 2nd quarter. Driehaus Capital Management LLC now owns 4,419,472 shares of the biopharmaceutical company’s stock worth $172,315,000 after buying an additional 97,732 shares in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new stake in Xenon Pharmaceuticals in the 2nd quarter worth $1,574,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in Xenon Pharmaceuticals by 4.3% in the 3rd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 439,074 shares of the biopharmaceutical company’s stock worth $17,287,000 after buying an additional 17,953 shares in the last quarter. 95.45% of the stock is currently owned by hedge funds and other 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.