HC Wainwright Reaffirms “Buy” Rating for Xenon Pharmaceuticals (NASDAQ:XENE)

Xenon Pharmaceuticals (NASDAQ:XENE)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a research note issued to investors on Monday,Benzinga reports. They presently have a $53.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s target price points to a potential upside of 33.40% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Xenon Pharmaceuticals in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft began coverage on shares of Xenon Pharmaceuticals in a report on Tuesday, February 11th. They issued a “buy” rating and a $67.00 price objective for the company. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Xenon Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $57.38.

Xenon Pharmaceuticals Stock Up 0.9 %

NASDAQ:XENE opened at $39.73 on Monday. Xenon Pharmaceuticals has a 52 week low of $35.53 and a 52 week high of $50.99. The stock’s fifty day moving average is $39.45 and its two-hundred day moving average is $40.37. The stock has a market capitalization of $3.03 billion, a price-to-earnings ratio of -14.09 and a beta of 1.20.

Insider Activity

In other Xenon Pharmaceuticals news, CFO Sherry Aulin sold 18,709 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $41.21, for a total transaction of $770,997.89. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ian Mortimer sold 16,315 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $40.50, for a total transaction of $660,757.50. Following the completion of the transaction, the chief executive officer now owns 31,302 shares of the company’s stock, valued at approximately $1,267,731. The trade was a 34.26 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 57,492 shares of company stock worth $2,334,969. 5.52% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. grew its holdings in shares of Xenon Pharmaceuticals by 174.7% during the third quarter. Blue Trust Inc. now owns 1,008 shares of the biopharmaceutical company’s stock worth $39,000 after purchasing an additional 641 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Xenon Pharmaceuticals by 188.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 212,287 shares of the biopharmaceutical company’s stock valued at $8,358,000 after acquiring an additional 138,685 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in Xenon Pharmaceuticals by 21.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,740 shares of the biopharmaceutical company’s stock valued at $106,000 after purchasing an additional 487 shares during the last quarter. abrdn plc raised its position in Xenon Pharmaceuticals by 16.9% in the 3rd quarter. abrdn plc now owns 248,311 shares of the biopharmaceutical company’s stock valued at $9,776,000 after purchasing an additional 35,809 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its stake in Xenon Pharmaceuticals by 64.3% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 14,572 shares of the biopharmaceutical company’s stock worth $574,000 after purchasing an additional 5,704 shares during the period. 95.45% of the stock is currently owned by institutional investors and hedge funds.

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.