Xenon Pharmaceuticals (NASDAQ:XENE) Shares Gap Down - Here's What Happened

Shares of Xenon Pharmaceuticals Inc. (NASDAQ:XENE - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $39.83, but opened at $38.86. Xenon Pharmaceuticals shares last traded at $39.13, with a volume of 109,437 shares trading hands.

Analyst Ratings Changes

XENE has been the subject of a number of recent analyst reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $65.00 price target on shares of Xenon Pharmaceuticals in a report on Friday, August 9th. Wedbush lowered their target price on Xenon Pharmaceuticals from $50.00 to $49.00 and set an "outperform" rating for the company in a research note on Friday, August 9th. Needham & Company LLC reissued a "buy" rating and issued a $60.00 target price on shares of Xenon Pharmaceuticals in a research note on Wednesday, November 13th. HC Wainwright reissued a "buy" rating and issued a $53.00 target price on shares of Xenon Pharmaceuticals in a research note on Wednesday, November 13th. Finally, William Blair raised Xenon Pharmaceuticals to a "strong-buy" rating in a research note on Friday, August 30th. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Xenon Pharmaceuticals has an average rating of "Buy" and a consensus target price of $57.45.

Xenon Pharmaceuticals Price Performance

The business has a 50 day moving average of $41.21 and a 200 day moving average of $40.32. The firm has a market capitalization of $2.92 billion, a price-to-earnings ratio of -14.12 and a beta of 1.25.

Xenon Pharmaceuticals (NASDAQ:XENE - Get Free Report) last posted its 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 period in the prior year, the business earned ($0.73) EPS. As a group, equities analysts predict that Xenon Pharmaceuticals Inc. will post -3.13 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Harbor Capital Advisors Inc. lifted its holdings in Xenon Pharmaceuticals by 647.8% during the second quarter. Harbor Capital Advisors Inc. now owns 24,116 shares of the biopharmaceutical company's stock worth $940,000 after acquiring an additional 20,891 shares in the last quarter. Capital International Investors lifted its holdings in shares of Xenon Pharmaceuticals by 0.8% in the first quarter. Capital International Investors now owns 2,475,859 shares of the biopharmaceutical company's stock valued at $106,586,000 after purchasing an additional 20,176 shares in the last quarter. DNB Asset Management AS lifted its holdings in shares of Xenon Pharmaceuticals by 39.2% in the second quarter. DNB Asset Management AS now owns 175,733 shares of the biopharmaceutical company's stock valued at $6,852,000 after purchasing an additional 49,483 shares in the last quarter. Driehaus Capital Management LLC lifted its holdings in shares of Xenon Pharmaceuticals by 2.3% in the second quarter. Driehaus Capital Management LLC now owns 4,419,472 shares of the biopharmaceutical company's stock valued at $172,315,000 after purchasing an additional 97,732 shares in the last quarter. Finally, Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Xenon Pharmaceuticals in the second quarter valued at about $1,574,000. 95.45% of the stock is currently owned by institutional investors.

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.