Xenon Pharmaceuticals Inc. (NASDAQ:XENE) Given Average Recommendation of “Buy” by Analysts

Shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE) have earned a consensus recommendation of “Buy” from the twelve analysts that are covering the company, MarketBeat reports. Eleven analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $57.45.

Several equities analysts have recently weighed in on XENE shares. Wedbush reduced their target price on shares of Xenon Pharmaceuticals from $50.00 to $49.00 and set an “outperform” rating for the company in a research note on Friday, August 9th. William Blair raised shares of Xenon Pharmaceuticals to a “strong-buy” rating in a report on Friday, August 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $55.00 price target on shares of Xenon Pharmaceuticals in a report on Tuesday, September 3rd. Raymond James reiterated an “outperform” rating and set a $50.00 price objective on shares of Xenon Pharmaceuticals in a research note on Thursday. Finally, Needham & Company LLC cut their target price on Xenon Pharmaceuticals from $62.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, August 12th.

Xenon Pharmaceuticals Trading Up 2.0 %

Shares of NASDAQ XENE opened at $41.21 on Tuesday. The stock has a fifty day simple moving average of $39.83 and a two-hundred day simple moving average of $40.18. Xenon Pharmaceuticals has a 1-year low of $27.99 and a 1-year high of $50.99. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of -15.21 and a beta of 1.25.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.70) by ($0.05). During the same period in the prior year, the company posted ($0.72) earnings per share. Analysts forecast that Xenon Pharmaceuticals will post -3.14 EPS for the current year.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Several hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System lifted its holdings in shares of Xenon Pharmaceuticals by 0.9% during the 1st quarter. California State Teachers Retirement System now owns 56,477 shares of the biopharmaceutical company’s stock worth $2,431,000 after acquiring an additional 490 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Xenon Pharmaceuticals by 12.0% during the 1st quarter. ProShare Advisors LLC now owns 5,286 shares of the biopharmaceutical company’s stock valued at $228,000 after purchasing an additional 565 shares during the last quarter. Arizona State Retirement System increased its position in shares of Xenon Pharmaceuticals by 4.0% during the 2nd quarter. Arizona State Retirement System now owns 17,949 shares of the biopharmaceutical company’s stock valued at $700,000 after purchasing an additional 688 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Xenon Pharmaceuticals by 1.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 48,946 shares of the biopharmaceutical company’s stock valued at $1,908,000 after purchasing an additional 769 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its holdings in shares of Xenon Pharmaceuticals by 21.4% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 5,374 shares of the biopharmaceutical company’s stock valued at $231,000 after buying an additional 946 shares in the last quarter. 95.45% of the stock is currently owned by institutional investors.

About Xenon Pharmaceuticals

Xenon Pharmaceuticals Inc, a clinical-stage biopharmaceutical company, engages in developing therapeutics to treat patients with neurological disorders in Canada. Its clinical development pipeline includes XEN496, a Kv7 potassium channel opener that is Phase III clinical trials for the treatment of KCNQ2 developmental and epileptic encephalopathy; and XEN1101, a Kv7 potassium channel opener, which is in Phase II clinical trial for the treatment of epilepsy and other neurological disorders.