Xenon Pharmaceuticals (NASDAQ:XENE) Stock Price Down 6.9% – Here’s Why

Xenon Pharmaceuticals Inc. (NASDAQ:XENE)’s stock price dropped 6.9% during mid-day trading on Tuesday . The company traded as low as $31.00 and last traded at $31.24. Approximately 703,733 shares traded hands during mid-day trading, an increase of 56% from the average daily volume of 451,302 shares. The stock had previously closed at $33.55.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on XENE. Royal Bank of Canada reaffirmed an “outperform” rating on shares of Xenon Pharmaceuticals in a research note on Friday, February 28th. StockNews.com upgraded shares of Xenon Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, March 29th. Deutsche Bank Aktiengesellschaft initiated 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. William Blair reissued an “outperform” rating on shares of Xenon Pharmaceuticals in a research note on Friday, February 28th. Finally, HC Wainwright restated a “buy” rating and issued a $53.00 price target on shares of Xenon Pharmaceuticals in a research note on Monday, February 24th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $57.38.

Xenon Pharmaceuticals Stock Performance

The stock has a market capitalization of $2.35 billion, a PE ratio of -10.89 and a beta of 1.21. The stock’s 50 day moving average is $37.29 and its two-hundred day moving average is $39.57.

Xenon Pharmaceuticals (NASDAQ:XENE) last released its earnings results on Thursday, February 27th. The biopharmaceutical company reported ($0.84) earnings per share for the quarter, beating the consensus estimate of ($0.89) by $0.05. Equities research analysts expect that Xenon Pharmaceuticals Inc. will post -3.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other Xenon Pharmaceuticals news, CEO Ian Mortimer sold 16,315 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $40.50, for a total value of $660,757.50. Following the transaction, the chief executive officer now directly owns 31,302 shares of the company’s stock, valued at $1,267,731. This trade represents a 34.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 made changes to their positions in XENE. GF Fund Management CO. LTD. acquired a new position in Xenon Pharmaceuticals during the fourth quarter worth $63,000. Quarry LP purchased a new position in shares of Xenon Pharmaceuticals during the 4th quarter worth $78,000. Blue Trust Inc. boosted its position in shares of Xenon Pharmaceuticals by 140.3% during the 4th quarter. Blue Trust Inc. now owns 2,422 shares of the biopharmaceutical company’s stock valued at $95,000 after acquiring an additional 1,414 shares during the last quarter. Avior Wealth Management LLC purchased a new stake in shares of Xenon Pharmaceuticals in the fourth quarter valued at about $101,000. Finally, KBC Group NV increased its position in Xenon Pharmaceuticals by 39.8% during the fourth quarter. KBC Group NV now owns 2,742 shares of the biopharmaceutical company’s stock worth $107,000 after purchasing an additional 780 shares during the last quarter. Institutional investors and hedge funds own 95.45% of the company’s stock.

About Xenon Pharmaceuticals

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.