Ally Bridge Group NY LLC Trims Position in Xenon Pharmaceuticals Inc. (NASDAQ:XENE)

Ally Bridge Group NY LLC lowered its stake in shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE) by 45.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 169,369 shares of the biopharmaceutical company’s stock after selling 140,000 shares during the quarter. Xenon Pharmaceuticals comprises about 3.9% of Ally Bridge Group NY LLC’s holdings, making the stock its 12th largest position. Ally Bridge Group NY LLC owned approximately 0.22% of Xenon Pharmaceuticals worth $6,604,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Assetmark Inc. grew its stake in shares of Xenon Pharmaceuticals by 39.9% in the 4th quarter. Assetmark Inc. now owns 9,938 shares of the biopharmaceutical company’s stock valued at $458,000 after purchasing an additional 2,835 shares during the last quarter. Franklin Resources Inc. increased its stake in Xenon Pharmaceuticals by 70.2% in the 4th quarter. Franklin Resources Inc. now owns 293,825 shares of the biopharmaceutical company’s stock valued at $13,534,000 after buying an additional 121,213 shares during the period. Westfield Capital Management Co. LP purchased a new position in Xenon Pharmaceuticals during the 4th quarter worth $10,939,000. Parallel Advisors LLC raised its position in Xenon Pharmaceuticals by 51.2% during the 4th quarter. Parallel Advisors LLC now owns 1,125 shares of the biopharmaceutical company’s stock worth $52,000 after buying an additional 381 shares during the last quarter. Finally, Capstone Investment Advisors LLC acquired a new stake in shares of Xenon Pharmaceuticals in the 4th quarter worth $408,000. Institutional investors and hedge funds own 95.45% of the company’s stock.

Xenon Pharmaceuticals Stock Performance

XENE stock opened at $40.15 on Monday. The firm has a market cap of $3.03 billion, a P/E ratio of -14.82 and a beta of 1.25. Xenon Pharmaceuticals Inc. has a 1 year low of $27.99 and a 1 year high of $50.99. The stock has a 50-day simple moving average of $40.81 and a 200-day simple moving average of $40.59.

Xenon Pharmaceuticals (NASDAQ:XENE) last posted its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.05). During the same quarter in the prior year, the firm posted ($0.72) EPS. On average, equities research analysts predict that Xenon Pharmaceuticals Inc. will post -3.16 EPS for the current year.

Analysts Set New Price Targets

XENE has been the subject of a number of recent analyst reports. William Blair raised Xenon Pharmaceuticals to a “strong-buy” rating in a report on Friday, August 30th. Cantor Fitzgerald restated an “overweight” rating and set a $65.00 target price on shares of Xenon Pharmaceuticals in a research report on Friday, August 9th. Wedbush reduced their price target on shares of Xenon Pharmaceuticals from $50.00 to $49.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Royal Bank of Canada restated an “outperform” rating and issued a $55.00 price target on shares of Xenon Pharmaceuticals in a report on Tuesday, September 3rd. Finally, Needham & Company LLC reduced their price objective on Xenon Pharmaceuticals from $62.00 to $60.00 and set a “buy” rating for the company in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $58.78.

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.