Xenon Pharmaceuticals Target of Unusually Large Options Trading (NASDAQ:XENE)

Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report) was the recipient of unusually large options trading on Wednesday. Stock traders bought 4,063 put options on the company. This is an increase of approximately 2,362% compared to the typical volume of 165 put options.

Xenon Pharmaceuticals Stock Performance

Shares of XENE traded down $0.78 during midday trading on Thursday, hitting $41.11. The company had a trading volume of 305,068 shares, compared to its average volume of 386,825. The company's 50-day simple moving average is $40.54 and its 200-day simple moving average is $40.16. The firm has a market capitalization of $3.10 billion, a P/E ratio of -15.46 and a beta of 1.25. Xenon Pharmaceuticals has a 1 year low of $27.99 and a 1 year high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last issued its earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.70) by ($0.05). During the same period last year, the business earned ($0.72) earnings per share. Equities analysts predict that Xenon Pharmaceuticals will post -3.1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on XENE shares. Wedbush decreased their target price on Xenon Pharmaceuticals from $50.00 to $49.00 and set an "outperform" rating for the company in a report on Friday, August 9th. William Blair raised Xenon Pharmaceuticals to a "strong-buy" rating in a report on Friday, August 30th. HC Wainwright started coverage on Xenon Pharmaceuticals in a report on Tuesday, October 1st. They issued a "buy" rating and a $53.00 price target for the company. Cantor Fitzgerald reissued an "overweight" rating and issued a $65.00 price target on shares of Xenon Pharmaceuticals in a report on Friday, August 9th. Finally, Needham & Company LLC decreased their price target on Xenon Pharmaceuticals from $62.00 to $60.00 and set a "buy" rating for the company in a report on Monday, August 12th. Eleven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Xenon Pharmaceuticals currently has an average rating of "Buy" and an average target price of $57.45.

Institutional Investors Weigh In On Xenon Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in XENE. Blue Trust Inc. increased its holdings in shares of Xenon Pharmaceuticals by 174.7% in the third quarter. Blue Trust Inc. now owns 1,008 shares of the biopharmaceutical company's stock valued at $39,000 after purchasing an additional 641 shares during the period. PNC Financial Services Group Inc. purchased a new stake in shares of Xenon Pharmaceuticals in the fourth quarter valued at approximately $91,000. nVerses Capital LLC purchased a new stake in shares of Xenon Pharmaceuticals in the third quarter valued at approximately $102,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of 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 buying an additional 487 shares in the last quarter. Finally, Quarry LP boosted its stake in shares of Xenon Pharmaceuticals by 207.7% in the second quarter. Quarry LP now owns 4,000 shares of the biopharmaceutical company's stock valued at $156,000 after buying an additional 2,700 shares in 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.