Xenon Pharmaceuticals Sees Unusually Large Options Volume (NASDAQ:XENE)

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) was the recipient of unusually large options trading activity on Wednesday. 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 Trading Up 1.6 %

Shares of Xenon Pharmaceuticals stock opened at $41.01 on Friday. The company has a market cap of $3.10 billion, a price-to-earnings ratio of -15.13 and a beta of 1.26. Xenon Pharmaceuticals has a 1 year low of $27.99 and a 1 year high of $50.99. The company’s fifty day simple moving average is $39.64 and its 200-day simple moving average is $42.34.

Xenon Pharmaceuticals (NASDAQ:XENE) last released its quarterly earnings data on Thursday, May 9th. The biopharmaceutical company reported ($0.62) EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.07. The business had revenue of $1.00 million for the quarter. During the same period last year, the firm earned ($0.63) earnings per share. The business’s revenue for the quarter was up .0% compared to the same quarter last year. As a group, research analysts forecast that Xenon Pharmaceuticals will post -2.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on XENE. Wedbush reduced their price target on shares of Xenon Pharmaceuticals from $51.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Citigroup decreased their target price on shares of Xenon Pharmaceuticals from $62.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Royal Bank of Canada restated an “outperform” rating and set a $55.00 price target on shares of Xenon Pharmaceuticals in a report on Tuesday, June 18th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $62.00 price objective on shares of Xenon Pharmaceuticals in a report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.11.

Hedge Funds Weigh In On Xenon Pharmaceuticals

Several institutional investors have recently bought and sold shares of XENE. Arizona State Retirement System lifted its position in shares of Xenon Pharmaceuticals by 21.2% during the fourth quarter. Arizona State Retirement System now owns 17,552 shares of the biopharmaceutical company’s stock worth $808,000 after purchasing an additional 3,074 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its position in Xenon Pharmaceuticals by 95.0% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 39,000 shares of the biopharmaceutical company’s stock valued at $1,801,000 after buying an additional 19,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Xenon Pharmaceuticals by 34.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,584 shares of the biopharmaceutical company’s stock valued at $718,000 after buying an additional 3,961 shares during the period. Federated Hermes Inc. acquired a new stake in shares of Xenon Pharmaceuticals in the 4th quarter valued at $15,964,000. Finally, abrdn plc acquired a new position in shares of Xenon Pharmaceuticals during the fourth quarter valued at $1,476,000. Institutional investors own 95.45% of the company’s stock.

About Xenon Pharmaceuticals

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.