Lord Abbett & CO. LLC decreased its stake in Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Free Report) by 8.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 173,985 shares of the biopharmaceutical company's stock after selling 16,048 shares during the period. Lord Abbett & CO. LLC owned about 0.23% of Xenon Pharmaceuticals worth $6,850,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in XENE. Blue Trust Inc. raised its position in Xenon Pharmaceuticals by 174.7% during the 3rd quarter. Blue Trust Inc. now owns 1,008 shares of the biopharmaceutical company's stock worth $39,000 after purchasing an additional 641 shares during the last quarter. nVerses Capital LLC acquired a new position in shares of Xenon Pharmaceuticals in the 3rd quarter worth approximately $102,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Xenon Pharmaceuticals by 21.6% in the 3rd 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 during the last quarter. Quarry LP raised its stake in 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 buying an additional 2,700 shares during the last quarter. Finally, Vestcor Inc acquired a new position in Xenon Pharmaceuticals in the third quarter valued at $327,000. Institutional investors and hedge funds own 95.45% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the company. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 target price on shares of Xenon Pharmaceuticals in a report on Wednesday, November 13th. Raymond James restated an "outperform" rating and issued a $50.00 price target on shares of Xenon Pharmaceuticals in a report on Thursday, October 10th. HC Wainwright reiterated a "buy" rating and set a $53.00 price objective on shares of Xenon Pharmaceuticals in a report on Thursday, December 12th. Royal Bank of Canada restated an "outperform" rating and issued a $55.00 target price on shares of Xenon Pharmaceuticals in a research note on Tuesday, September 3rd. Finally, William Blair upgraded Xenon Pharmaceuticals to a "strong-buy" rating in a report on Friday, August 30th. Ten analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Xenon Pharmaceuticals has an average rating of "Buy" and an average target price of $56.90.
Check Out Our Latest Analysis on Xenon Pharmaceuticals
Xenon Pharmaceuticals Stock Down 0.1 %
NASDAQ:XENE traded down $0.03 during trading hours on Tuesday, hitting $41.28. 255,844 shares of the company traded hands, compared to its average volume of 387,610. The company has a market cap of $3.15 billion, a PE ratio of -14.65 and a beta of 1.19. The firm's 50-day simple moving average is $41.93 and its 200-day simple moving average is $40.46. Xenon Pharmaceuticals Inc. has a one year low of $35.53 and a one year high of $50.99.
Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.81) earnings per share for the quarter, topping the consensus estimate of ($0.82) by $0.01. During the same quarter in the previous year, the firm earned ($0.73) EPS. As a group, equities research analysts expect that Xenon Pharmaceuticals Inc. will post -3.1 EPS for the current year.
Insider Activity at Xenon Pharmaceuticals
In other news, Director Gary Patou sold 4,891 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $41.08, for a total transaction of $200,922.28. Following the completion of the sale, the director now owns 23,573 shares in the company, valued at $968,378.84. This trade represents a 17.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.52% of the stock is currently owned by company insiders.
Xenon Pharmaceuticals Company Profile
(
Free Report)
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.
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