Needham & Company LLC Reaffirms Buy Rating for Xenon Pharmaceuticals (NASDAQ:XENE)

Xenon Pharmaceuticals (NASDAQ:XENE)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They currently have a $60.00 target price on the biopharmaceutical company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 43.71% from the company’s current price.

Other analysts have also issued reports about the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $65.00 target price on shares of Xenon Pharmaceuticals in a research note on Friday, August 9th. Raymond James reissued an “outperform” rating and set a $50.00 price objective on shares of Xenon Pharmaceuticals in a research note on Thursday, October 10th. William Blair raised Xenon Pharmaceuticals to a “strong-buy” rating in a research report on Friday, August 30th. Royal Bank of Canada reiterated an “outperform” rating and issued a $55.00 price target on shares of Xenon Pharmaceuticals in a research report on Tuesday, September 3rd. Finally, HC Wainwright started coverage on Xenon Pharmaceuticals in a research note on Tuesday, October 1st. They issued a “buy” rating and a $53.00 price target on the stock. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Xenon Pharmaceuticals currently has an average rating of “Buy” and a consensus price target of $57.45.

Xenon Pharmaceuticals Stock Performance

Shares of XENE stock opened at $41.75 on Wednesday. Xenon Pharmaceuticals has a 1 year low of $28.10 and a 1 year high of $50.99. The business’s fifty day moving average is $41.14 and its 200-day moving average is $40.35. The stock has a market cap of $3.16 billion, a PE ratio of -14.91 and a beta of 1.25.

Xenon Pharmaceuticals (NASDAQ:XENE) last issued its quarterly earnings results 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 prior year, the firm earned ($0.73) earnings per share. Equities research analysts predict that Xenon Pharmaceuticals will post -3.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. lifted its position in Xenon Pharmaceuticals by 174.7% in the 3rd quarter. Blue Trust Inc. now owns 1,008 shares of the biopharmaceutical company’s stock worth $39,000 after buying an additional 641 shares in the last quarter. nVerses Capital LLC acquired a new stake in Xenon Pharmaceuticals during the third quarter valued at $102,000. Mirae Asset Global Investments Co. Ltd. grew its stake in Xenon Pharmaceuticals by 21.6% in the third 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 in the last quarter. Quarry LP increased its position in Xenon Pharmaceuticals by 207.7% in the 2nd quarter. Quarry LP now owns 4,000 shares of the biopharmaceutical company’s stock worth $156,000 after purchasing an additional 2,700 shares during the last quarter. Finally, EntryPoint Capital LLC purchased a new stake in shares of Xenon Pharmaceuticals during the 1st quarter worth about $195,000. 95.45% of the stock is owned by hedge funds and other institutional investors.

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.