Stock Traders Buy High Volume of Xenon Pharmaceuticals Put Options (NASDAQ:XENE)

Xenon Pharmaceuticals Inc. (NASDAQ:XENE) saw unusually large options trading on Wednesday. Stock investors purchased 4,063 put options on the stock. This is an increase of approximately 2,362% compared to the typical daily volume of 165 put options.

Xenon Pharmaceuticals Stock Up 4.5 %

Shares of NASDAQ XENE opened at $42.49 on Thursday. Xenon Pharmaceuticals has a 52-week low of $27.99 and a 52-week high of $50.99. The firm has a fifty day moving average of $43.55 and a 200-day moving average of $41.21. The stock has a market capitalization of $3.21 billion, a PE ratio of -15.62 and a beta of 1.15.

Xenon Pharmaceuticals (NASDAQ:XENE) last announced its quarterly earnings data on Thursday, February 29th. The biopharmaceutical company reported ($0.64) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.12. During the same quarter in the previous year, the firm earned ($0.57) EPS. The company’s revenue was up .0% compared to the same quarter last year. Equities research analysts expect that Xenon Pharmaceuticals will post -3.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other Xenon Pharmaceuticals news, Director Steven Gannon sold 13,000 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $46.28, for a total transaction of $601,640.00. Following the transaction, the director now owns 2,000 shares of the company’s stock, valued at $92,560. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Sherrington Robin sold 7,137 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $46.28, for a total transaction of $330,300.36. Following the transaction, the executive vice president now owns 8,398 shares of the company’s stock, valued at $388,659.44. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Steven Gannon sold 13,000 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $46.28, for a total value of $601,640.00. Following the transaction, the director now directly owns 2,000 shares in the company, valued at approximately $92,560. The disclosure for this sale can be found here. Corporate insiders own 5.43% of the company’s stock.

Institutional Trading of Xenon Pharmaceuticals

Several large investors have recently added to or reduced their stakes in XENE. Wellington Management Group LLP boosted its position in Xenon Pharmaceuticals by 140.9% in the 4th quarter. Wellington Management Group LLP now owns 4,162,654 shares of the biopharmaceutical company’s stock valued at $191,732,000 after buying an additional 2,434,546 shares during the last quarter. First Light Asset Management LLC boosted its position in Xenon Pharmaceuticals by 173.3% in the 4th quarter. First Light Asset Management LLC now owns 1,645,490 shares of the biopharmaceutical company’s stock valued at $75,791,000 after buying an additional 1,043,420 shares during the last quarter. Avoro Capital Advisors LLC boosted its position in Xenon Pharmaceuticals by 15.6% in the 4th quarter. Avoro Capital Advisors LLC now owns 5,666,666 shares of the biopharmaceutical company’s stock valued at $261,007,000 after buying an additional 766,666 shares during the last quarter. First Turn Management LLC purchased a new position in Xenon Pharmaceuticals in the 4th quarter valued at about $31,339,000. Finally, Avidity Partners Management LP boosted its position in Xenon Pharmaceuticals by 153.9% in the 4th quarter. Avidity Partners Management LP now owns 815,993 shares of the biopharmaceutical company’s stock valued at $37,585,000 after buying an additional 494,593 shares during the last quarter. 95.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on XENE shares. Wedbush raised their price objective on shares of Xenon Pharmaceuticals from $46.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. Cantor Fitzgerald restated an “overweight” rating and issued a $65.00 price objective on shares of Xenon Pharmaceuticals in a research report on Wednesday, April 10th. Needham & Company LLC restated a “buy” rating and issued a $62.00 price objective on shares of Xenon Pharmaceuticals in a research report on Friday, April 12th. Royal Bank of Canada reduced their price objective on shares of Xenon Pharmaceuticals from $56.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, March 1st. Finally, Citigroup assumed coverage on shares of Xenon Pharmaceuticals in a research report on Thursday, January 4th. They set a “buy” rating and a $62.00 price target for the company. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the stock. According to MarketBeat, Xenon Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $59.44.

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.