First Light Asset Management LLC Lowers Holdings in Xenon Pharmaceuticals Inc. (NASDAQ:XENE)

First Light Asset Management LLC trimmed its stake in Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Free Report) by 1.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,306,260 shares of the biopharmaceutical company's stock after selling 13,912 shares during the quarter. Xenon Pharmaceuticals accounts for 4.5% of First Light Asset Management LLC's portfolio, making the stock its 5th largest position. First Light Asset Management LLC owned about 1.73% of Xenon Pharmaceuticals worth $50,931,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Parallel Advisors LLC raised its stake in shares of Xenon Pharmaceuticals by 51.2% during the 4th quarter. Parallel Advisors LLC now owns 1,125 shares of the biopharmaceutical company's stock worth $52,000 after purchasing an additional 381 shares in the last quarter. PNC Financial Services Group Inc. bought a new stake in Xenon Pharmaceuticals in the fourth quarter worth approximately $91,000. 17 Capital Partners LLC acquired a new position in shares of Xenon Pharmaceuticals during the 1st quarter worth $122,000. EntryPoint Capital LLC bought a new position in shares of Xenon Pharmaceuticals during the 1st quarter valued at $195,000. Finally, HighMark Wealth Management LLC acquired a new stake in shares of Xenon Pharmaceuticals in the 1st quarter valued at $215,000. 95.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

XENE has been the topic of several recent research reports. William Blair upgraded Xenon Pharmaceuticals to a "strong-buy" rating in a report on Friday, August 30th. Royal Bank of Canada reissued an "outperform" rating and issued a $55.00 price target on shares of Xenon Pharmaceuticals in a research report on Tuesday, September 3rd. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $65.00 price objective on shares of Xenon Pharmaceuticals in a report on Friday, August 9th. Wedbush dropped their target price 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. Finally, Needham & Company LLC dropped their price objective 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. One investment analyst has rated the stock with a sell rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Xenon Pharmaceuticals has a consensus rating of "Moderate Buy" and an average price target of $58.78.

Xenon Pharmaceuticals Stock Performance

Shares of XENE traded down $0.72 during trading hours on Tuesday, reaching $38.93. 196,038 shares of the company traded hands, compared to its average volume of 392,182. The stock's fifty day moving average is $40.68 and its 200 day moving average is $40.49. Xenon Pharmaceuticals Inc. has a 1-year low of $27.99 and a 1-year high of $50.99. The stock has a market cap of $2.94 billion, a P/E ratio of -14.37 and a beta of 1.25.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.70) by ($0.05). During the same quarter in the previous year, the business earned ($0.72) earnings per share. On average, equities research analysts predict that Xenon Pharmaceuticals Inc. will post -3.16 EPS for the current year.

Xenon Pharmaceuticals Company Profile

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.