HC Wainwright Initiates Coverage on Xenon Pharmaceuticals (NASDAQ:XENE)

HC Wainwright assumed coverage on shares of Xenon Pharmaceuticals (NASDAQ:XENE) in a report published on Tuesday, MarketBeat.com reports. The firm issued a buy rating and a $53.00 price target on the biopharmaceutical company’s stock. HC Wainwright also issued estimates for Xenon Pharmaceuticals’ Q3 2024 earnings at ($0.80) EPS, Q4 2024 earnings at ($0.81) EPS, FY2024 earnings at ($2.97) EPS, FY2025 earnings at ($3.45) EPS, FY2026 earnings at ($4.28) EPS, FY2027 earnings at ($4.82) EPS and FY2028 earnings at ($4.39) EPS.

A number of other research firms also recently issued reports on XENE. Royal Bank of Canada reiterated an outperform rating and set a $55.00 price objective on shares of Xenon Pharmaceuticals in a research note on Tuesday, September 3rd. Needham & Company LLC dropped their price target on Xenon Pharmaceuticals from $62.00 to $60.00 and set a buy rating on the stock in a research note on Monday, August 12th. William Blair raised Xenon Pharmaceuticals to a strong-buy rating in a research report on Friday, August 30th. Cantor Fitzgerald reaffirmed an overweight rating and issued a $65.00 price objective on shares of Xenon Pharmaceuticals in a report on Friday, August 9th. Finally, Wedbush decreased their price objective on shares of Xenon Pharmaceuticals from $50.00 to $49.00 and set an outperform rating on the stock in a report on Friday, August 9th. One research analyst has rated the stock with a sell rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $58.20.

Xenon Pharmaceuticals Stock Up 2.6 %

XENE opened at $40.73 on Tuesday. The firm has a 50 day moving average price of $40.11 and a 200-day moving average price of $40.29. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of -15.03 and a beta of 1.25. Xenon Pharmaceuticals has a twelve month low of $27.99 and a twelve month high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE) last released its quarterly earnings results 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 earned ($0.72) EPS. As a group, analysts expect that Xenon Pharmaceuticals will post -3.14 earnings per share for the current year.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC grew its holdings in shares of Xenon Pharmaceuticals by 51.2% during the fourth quarter. Parallel Advisors LLC now owns 1,125 shares of the biopharmaceutical company’s stock valued at $52,000 after purchasing an additional 381 shares during the last quarter. PNC Financial Services Group Inc. acquired a new stake in Xenon Pharmaceuticals in the fourth quarter worth $91,000. 17 Capital Partners LLC bought a new stake in Xenon Pharmaceuticals in the first quarter valued at $122,000. Quarry LP grew its position in shares of Xenon Pharmaceuticals by 207.7% during the second quarter. Quarry LP now owns 4,000 shares of the biopharmaceutical company’s stock worth $156,000 after acquiring an additional 2,700 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in shares of Xenon Pharmaceuticals in the 1st quarter worth about $195,000. Institutional investors and hedge funds own 95.45% of the company’s stock.

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.