Wells Fargo & Company Increases Xenon Pharmaceuticals (NASDAQ:XENE) Price Target to $48.00

Xenon Pharmaceuticals (NASDAQ:XENE) had its target price hoisted by Wells Fargo & Company from $44.00 to $48.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the biopharmaceutical company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 8.94% from the stock’s previous close.

Several other equities research analysts also recently commented on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $55.00 price objective on shares of Xenon Pharmaceuticals in a research note on Tuesday, November 4th. Chardan Capital upgraded Xenon Pharmaceuticals to a “strong-buy” rating in a research note on Wednesday, November 19th. JPMorgan Chase & Co. raised their price objective on Xenon Pharmaceuticals from $57.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 18th. Royal Bank Of Canada upped their target price on Xenon Pharmaceuticals from $55.00 to $58.00 and gave the company an “outperform” rating in a research report on Tuesday, November 4th. Finally, William Blair reissued an “outperform” rating on shares of Xenon Pharmaceuticals in a research report on Tuesday, October 7th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $54.64.

Xenon Pharmaceuticals Stock Performance

Shares of NASDAQ XENE opened at $44.06 on Thursday. Xenon Pharmaceuticals has a fifty-two week low of $26.74 and a fifty-two week high of $46.60. The company has a market cap of $3.40 billion, a PE ratio of -11.33 and a beta of 1.03. The business has a 50-day simple moving average of $41.68 and a two-hundred day simple moving average of $36.89.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings data on Monday, November 3rd. The biopharmaceutical company reported ($1.15) EPS for the quarter, beating the consensus estimate of ($1.16) by $0.01. The company’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.81) earnings per share. On average, sell-side analysts predict that Xenon Pharmaceuticals will post -3.1 earnings per share for the current fiscal year.

Insider Transactions at Xenon Pharmaceuticals

In other Xenon Pharmaceuticals news, CEO Ian Mortimer sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $40.16, for a total value of $1,004,000.00. Following the sale, the chief executive officer owned 31,302 shares in the company, valued at approximately $1,257,088.32. This represents a 44.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold 50,302 shares of company stock valued at $2,150,928 over the last three months. Insiders own 4.07% of the company’s stock.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Several large investors have recently made changes to their positions in XENE. Mirae Asset Global Investments Co. Ltd. boosted its position in Xenon Pharmaceuticals by 15.7% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,964 shares of the biopharmaceutical company’s stock worth $93,000 after purchasing an additional 403 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Xenon Pharmaceuticals by 34.6% during the 2nd quarter. Marshall Wace LLP now owns 1,020,254 shares of the biopharmaceutical company’s stock worth $31,934,000 after buying an additional 262,109 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Xenon Pharmaceuticals by 73.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 436,020 shares of the biopharmaceutical company’s stock valued at $13,647,000 after buying an additional 184,873 shares in the last quarter. American Century Companies Inc. acquired a new stake in Xenon Pharmaceuticals in the 2nd quarter valued at $21,280,000. Finally, New York State Common Retirement Fund increased its holdings in Xenon Pharmaceuticals by 16.9% in the 2nd quarter. New York State Common Retirement Fund now owns 166,472 shares of the biopharmaceutical company’s stock worth $5,211,000 after acquiring an additional 24,100 shares in the last quarter. 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.