Needham & Company LLC Reaffirms "Buy" Rating for Xenon Pharmaceuticals (NASDAQ:XENE)

Needham & Company LLC restated their buy rating on shares of Xenon Pharmaceuticals (NASDAQ:XENE - Free Report) in a research report sent to investors on Wednesday,Benzinga reports. Needham & Company LLC currently has a $60.00 target price on the biopharmaceutical company's stock.

Several other research analysts have also weighed in on the stock. Wedbush dropped their price objective on shares of Xenon Pharmaceuticals from $50.00 to $49.00 and set an "outperform" rating on the stock in a research note on Friday, August 9th. William Blair upgraded Xenon Pharmaceuticals to a "strong-buy" rating in a report on Friday, August 30th. HC Wainwright started coverage on Xenon Pharmaceuticals in a research report on Tuesday, October 1st. They set a "buy" rating and a $53.00 price objective for the company. Raymond James reaffirmed an "outperform" rating and issued a $50.00 target price on shares of Xenon Pharmaceuticals in a research report on Thursday, October 10th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $55.00 price target on shares of Xenon Pharmaceuticals in a report on Tuesday, September 3rd. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $57.45.

Xenon Pharmaceuticals Stock Performance

Shares of NASDAQ:XENE traded down $1.51 during midday trading on Wednesday, reaching $41.88. The company had a trading volume of 349,350 shares, compared to its average volume of 385,535. The company has a fifty day simple moving average of $41.11 and a two-hundred day simple moving average of $40.34. The firm has a market cap of $3.17 billion, a price-to-earnings ratio of -14.86 and a beta of 1.25. Xenon Pharmaceuticals has a 1-year low of $28.10 and a 1-year high of $50.99.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last announced its earnings results on Tuesday, November 12th. The biopharmaceutical company reported ($0.81) EPS for the quarter, topping the consensus estimate of ($0.82) by $0.01. During the same quarter last year, the firm earned ($0.73) earnings per share. Analysts expect that Xenon Pharmaceuticals will post -3.1 EPS for the current year.

Institutional Trading of Xenon Pharmaceuticals

A number of institutional investors have recently bought and sold shares of XENE. Mirae Asset Global Investments Co. Ltd. boosted its position 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 worth $106,000 after purchasing an additional 487 shares during the last quarter. California State Teachers Retirement System grew its position in shares of Xenon Pharmaceuticals by 0.9% during the 1st quarter. California State Teachers Retirement System now owns 56,477 shares of the biopharmaceutical company's stock worth $2,431,000 after buying an additional 490 shares during the period. Advisors Asset Management Inc. increased its stake in shares of Xenon Pharmaceuticals by 3.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 13,592 shares of the biopharmaceutical company's stock valued at $535,000 after acquiring an additional 493 shares during the last quarter. ProShare Advisors LLC raised its position in shares of Xenon Pharmaceuticals by 12.0% in the 1st quarter. ProShare Advisors LLC now owns 5,286 shares of the biopharmaceutical company's stock valued at $228,000 after acquiring an additional 565 shares during the period. Finally, Blue Trust Inc. grew its holdings in shares of Xenon Pharmaceuticals by 174.7% in the 3rd quarter. Blue Trust Inc. now owns 1,008 shares of the biopharmaceutical company's stock valued at $39,000 after buying an additional 641 shares during the period. Institutional investors and hedge funds own 95.45% of the company's stock.

Xenon Pharmaceuticals Company Profile

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.