Xenon Pharmaceuticals (NASDAQ:XENE) Shares Gap Down After Earnings Miss

Xenon Pharmaceuticals Inc. (NASDAQ:XENE – Get Rating) shares gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $43.54, but opened at $41.81. Xenon Pharmaceuticals shares last traded at $40.45, with a volume of 56,211 shares.

The biopharmaceutical company reported ($0.63) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($0.01). Xenon Pharmaceuticals had a negative net margin of 862.06% and a negative return on equity of 17.90%. During the same period in the previous year, the firm posted ($0.35) earnings per share.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on XENE shares. StockNews.com assumed coverage on Xenon Pharmaceuticals in a report on Thursday, March 16th. They issued a “sell” rating for the company. Stifel Nicolaus lifted their target price on Xenon Pharmaceuticals from $52.00 to $53.00 in a report on Wednesday. Needham & Company LLC reissued a “buy” rating and issued a $50.00 target price on shares of Xenon Pharmaceuticals in a report on Friday, April 21st. Cantor Fitzgerald initiated coverage on Xenon Pharmaceuticals in a report on Tuesday, April 25th. They issued an “overweight” rating and a $58.00 price objective for the company. Finally, JPMorgan Chase & Co. reissued a “top pick” rating on shares of Xenon Pharmaceuticals in a report on Tuesday, April 25th. One analyst has rated the stock with a sell rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.50.

Insider Buying and Selling

In related news, Director Simon N. Pimstone sold 19,232 shares of Xenon Pharmaceuticals stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $36.98, for a total value of $711,199.36. Following the sale, the director now directly owns 34,002 shares in the company, valued at approximately $1,257,393.96. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 6.06% of the stock is currently owned by insiders.

Institutional Trading of Xenon Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in the stock. Advisory Research Inc. grew its stake in shares of Xenon Pharmaceuticals by 4.1% during the third quarter. Advisory Research Inc. now owns 36,438 shares of the biopharmaceutical company’s stock worth $1,316,000 after purchasing an additional 1,438 shares in the last quarter. DNB Asset Management AS purchased a new position in Xenon Pharmaceuticals in the fourth quarter valued at about $3,728,000. SG Americas Securities LLC increased its holdings in Xenon Pharmaceuticals by 62.4% in the fourth quarter. SG Americas Securities LLC now owns 35,465 shares of the biopharmaceutical company’s stock valued at $1,398,000 after buying an additional 13,633 shares in the last quarter. International Biotechnology Trust PLC increased its holdings in Xenon Pharmaceuticals by 3,194.6% in the third quarter. International Biotechnology Trust PLC now owns 25,500 shares of the biopharmaceutical company’s stock valued at $918,000 after buying an additional 24,726 shares in the last quarter. Finally, Fox Run Management L.L.C. increased its holdings in Xenon Pharmaceuticals by 33.3% in the fourth quarter. Fox Run Management L.L.C. now owns 12,975 shares of the biopharmaceutical company’s stock valued at $512,000 after buying an additional 3,244 shares in the last quarter. Institutional investors and hedge funds own 92.49% of the company’s stock.

Xenon Pharmaceuticals Trading Down 0.4 %

The firm has a market capitalization of $2.59 billion, a PE ratio of -20.55 and a beta of 1.41. The stock’s 50 day moving average price is $36.93 and its two-hundred day moving average price is $37.12.

About Xenon Pharmaceuticals

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Xenon Pharmaceuticals, Inc is a clinical stage biopharmaceutical company. It develops therapeutics to improve the lives of patients with neurological disorders, including rare central nervous system (CNS) conditions. The company’s products include XEN496, XEN1101, XEN901 and XEN007. Xenon Pharmaceuticals was founded by Simon Neil Pimstone, Johannes J.