Point72 Asset Management L.P. Sells 98,732 Shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE)

Point72 Asset Management L.P. lessened its stake in shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Free Report) by 20.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 383,290 shares of the biopharmaceutical company's stock after selling 98,732 shares during the period. Point72 Asset Management L.P. owned 0.50% of Xenon Pharmaceuticals worth $15,090,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Janus Henderson Group PLC increased its position in shares of Xenon Pharmaceuticals by 144.2% in the third quarter. Janus Henderson Group PLC now owns 2,552,392 shares of the biopharmaceutical company's stock worth $100,506,000 after purchasing an additional 1,507,135 shares during the period. Logos Global Management LP acquired a new stake in Xenon Pharmaceuticals during the second quarter worth about $14,621,000. Vestal Point Capital LP increased its holdings in Xenon Pharmaceuticals by 57.1% in the 3rd quarter. Vestal Point Capital LP now owns 825,000 shares of the biopharmaceutical company's stock valued at $32,480,000 after buying an additional 300,000 shares during the period. Samlyn Capital LLC raised its position in shares of Xenon Pharmaceuticals by 61.5% in the 2nd quarter. Samlyn Capital LLC now owns 639,685 shares of the biopharmaceutical company's stock valued at $24,941,000 after buying an additional 243,489 shares in the last quarter. Finally, Affinity Asset Advisors LLC lifted its holdings in shares of Xenon Pharmaceuticals by 18.7% during the 2nd quarter. Affinity Asset Advisors LLC now owns 994,227 shares of the biopharmaceutical company's stock worth $38,765,000 after acquiring an additional 156,840 shares during the period. 95.45% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have commented on XENE. HC Wainwright restated a "buy" rating and set a $53.00 price objective on shares of Xenon Pharmaceuticals in a research report on Wednesday, November 13th. Raymond James reissued an "outperform" rating and set a $50.00 price target on shares of Xenon Pharmaceuticals in a report on Thursday, October 10th. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price objective on shares of Xenon Pharmaceuticals in a research note on Wednesday, November 13th. William Blair raised Xenon Pharmaceuticals to a "strong-buy" rating in a research note on Friday, August 30th. Finally, Wedbush dropped their target price on shares of Xenon Pharmaceuticals from $50.00 to $49.00 and set an "outperform" rating for the company in a report on Friday, August 9th. Eleven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $57.45.

Xenon Pharmaceuticals Price Performance

NASDAQ XENE traded up $1.31 on Friday, reaching $42.72. The company had a trading volume of 358,919 shares, compared to its average volume of 393,665. The firm has a market cap of $3.26 billion, a price-to-earnings ratio of -15.15 and a beta of 1.19. Xenon Pharmaceuticals Inc. has a fifty-two week low of $35.53 and a fifty-two week high of $50.99. The business has a 50 day moving average of $41.81 and a two-hundred day moving average of $40.32.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The biopharmaceutical company reported ($0.81) EPS for the quarter, beating analysts' consensus estimates of ($0.82) by $0.01. During the same quarter in the prior year, the business earned ($0.73) earnings per share. As a group, research analysts predict that Xenon Pharmaceuticals Inc. will post -3.1 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Gary Patou sold 4,891 shares of the firm's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $41.08, for a total value of $200,922.28. Following the transaction, the director now owns 23,573 shares of the company's stock, valued at approximately $968,378.84. This trade represents a 17.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.52% of the stock is currently owned by company insiders.

Xenon Pharmaceuticals 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.